17:16J-11 - Shareholders; approval of agreement or plan; rights - New Jersey Statutes

17:16J-11.  Shareholders;  approval of agreement or plan;  rights
    If the commissioner approves the merger agreement or plan of acquisition, it  shall be submitted to the stockholders of each merging party or each party to  an acquisition which is a bank, a capital stock savings bank, or a capital stock association, at separate meetings called for that purpose within a time period established by the commissioner.  The merger agreement or plan of acquisition shall be approved by the stockholders of each capital stock depository holding at least two-thirds of the capital stock entitled to vote, and that fact shall be certified to the commissioner by the president or vice president.

    A stockholder of a depository which is a bank or capital stock savings bank  which is a party to a supervisory merger shall have the same rights afforded to  stockholders by sections 140 through 145 of P.L. 1948, c. 67 (C. 17:9A-140 to  17:9A-145).  A member of an association or a stockholder of a capital stock  association which is a party to a supervisory merger shall have the same rights  afforded to members of associations and stockholders of capital stock  associations by section 199 of P.L. 1963, c. 144 (C. 17:12B-199) and section 36  of P.L. 1974, c. 137 (C. 17:12B-266).  A stockholder of a bank or capital stock  savings bank which is a party to a supervisory acquisition shall have the same  rights afforded to stockholders by sections 6 through 15 of P.L. 1969, c. 118  (C. 17:9A-360 to 17:9A-369).

     L.1982, c. 8,  11, eff. March 4, 1982.