N.J. Admin. Code § 3:32-1.7

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:32-1.7 - Purchase price of stock

(a) The application for final approval shall fix a subscription price per share not less than $ 5.00 and not more than $ 50.00, except that the subscription price may exceed $ 50.00 per share upon a showing of special circumstances.

(b) Prices are to be established by persons independent of the converting association who are experienced and expert in corporate appraisal. The independence of the persons shall not be deemed to have been compromised merely because they participated in selling the stock or received from the association a fee for price appraisal services. The persons shall be acceptable to the Commissioner and the corporation.

N.J. Admin. Code § 3:32-1.7

Amended by R.1976 d.337, effective 10/27/1976.
See: 8 New Jersey Register 452(d), 8 New Jersey Register 543(a).
Amended by R.1988 d.472, effective 10/3/1988.
See: 20 New Jersey Register 697(a), 20 New Jersey Register 2450(a).
Substantially amended.