17:9A-131.22 - Capital notes issued for cash;Ā limitation on conversion of convertible capital notes
17:9A-131.22.Ā Capital notes issued for cash;Ā limitation on conversion of convertible capital notes
Capital notes may be issued only for cash.Ā Convertible capital notes issuedĀ by a bank may be converted only into common stock of the issuing bank or of aĀ company as such term is defined in P.L.1957, c. 70, s. 1 (C. 17:9A-344), asĀ amended, owning more than 25% of the capital stock of such bank.
L.1966, c. 272, s. 3.Ā Amended by L.1971, c. 188, s. 1, eff. June 2, 1971.
Ā
Capital notes may be issued only for cash.Ā Convertible capital notes issuedĀ by a bank may be converted only into common stock of the issuing bank or of aĀ company as such term is defined in P.L.1957, c. 70, s. 1 (C. 17:9A-344), asĀ amended, owning more than 25% of the capital stock of such bank.
L.1966, c. 272, s. 3.Ā Amended by L.1971, c. 188, s. 1, eff. June 2, 1971.
Ā
Scroll for next New Jersey statuteā¦