17:12B-293 - Approval of commissioner needed to acquire more than 25% of voting shares - New Jersey Statutes

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.