17:9A-133 - What banks may merge;  means of effectuation of merger

17:9A-133.  What banks may merge;  means of effectuation of merger A.  Any two or more banks may, with the approval of the commissioner, merge  one or more of them into another of them as provided in this article.

B.  A merger may be effected by any one or by any combination of any two or  more or all of the following methods:

(1) By the exchange of shares of capital stock of each merging bank for the  shares of capital stock of the receiving bank;

(2) By the exchange of shares of capital stock of each merging bank for the  shares of capital stock of a company as such term is defined in paragraph (3)  of section 132 (C. 17:9A-132);

(3) By the exchange of shares of capital stock of each merging bank for capital notes of the receiving bank;

(4) By the exchange of shares of capital stock of each merging bank for cash  received from the receiving bank or from a company as such term is defined in  paragraph (3) of section 132 (C. 17:9A-132);

(5) By the exchange of shares of capital stock of each merging bank for capital notes of a company as such term is defined in paragraph (3) of section 132 (C. 17:9A-132).

L.1948, c. 67, p. 281, s. 133.  Amended by L.1968, c. 415, s. 3;  L.1973, c. 211, s. 3, eff. Jan. 1, 1973;  L.1977, c. 417, s. 8, eff. Feb. 24, 1978.