N.J. Stat. § 17:9A-131.22

Current through L. 2024, c. 87.

Section 17:9A-131.22 - Capital notes issued for cash; limitation on conversion of convertible capital notes

Capital notes may be issued only for cash. Convertible capital notes issued by a bank may be converted only into common stock of the issuing bank or of a company as such term is defined in P.L. 1957, c. 70, s. 1 (C. 17:9A-344), as amended, owning more than 25% of the capital stock of such bank.

N.J.S. § 17:9A-131.22

L.1966, c.272, s.3; amended by L.1971, c.188, s.1, eff. 6/2/1971.