17:27B-4 - Submission of plan of acquisition to commissioner - New Jersey Statutes

17:27B-4.  Submission of plan of acquisition to commissioner
    (1) Upon adoption of the plan of acquisition, it shall be executed by the parent corporation under its corporate seal and submitted to the commissioner who shall, within 60 days from the date of such submission, endorse thereon his  approval or disapproval and notify the parent corporation thereof.  The commissioner in reviewing such plan of acquisition may employ such experts or consultants as he shall deem necessary.  The reasonable costs of such experts and consultants are to be paid for by the parent corporation.

    (2) The commissioner shall approve the plan if he is satisfied that it complies with this act and is not inconsistent with law.  If the commissioner disapproves the plan, he shall advise the parent corporation in writing of the reasons for such disapproval.  No plan shall take effect unless the approval of  the commissioner has been obtained.

    (3) The commissioner's disapproval of a plan of acquisition shall be subject  to review, hearing and relief in the Superior Court in a proceeding in lieu of  prerogative writ.

     L.1971, c. 132, s. 4, eff. May 6, 1971.