17:12B-293 - Approval of commissioner needed to acquire more than 25% of voting shares
17:12B-293. Approval of commissioner needed to acquire more than 25% of voting shares
No person shall, without the prior approval of the commissioner, acting directly or indirectly or through or in concert with one or more persons:
a. Obtain or exercise control of a capital stock state association; or
b. Acquire beneficial ownership or control of any voting shares of a capital stock state association, if, after the acquisition, the person would beneficially own or control more than 25% of the then-outstanding voting share of the capital stock state association.
L.1989,c.165,s.2.
No person shall, without the prior approval of the commissioner, acting directly or indirectly or through or in concert with one or more persons:
a. Obtain or exercise control of a capital stock state association; or
b. Acquire beneficial ownership or control of any voting shares of a capital stock state association, if, after the acquisition, the person would beneficially own or control more than 25% of the then-outstanding voting share of the capital stock state association.
L.1989,c.165,s.2.