17:27B-5 - Delivery of plan to minority shareholders; acquisition of shares - New Jersey Statutes

17:27B-5.  Delivery of plan to minority shareholders;  acquisition of shares    (1) If the commissioner approves the plan, the parent corporation shall deliver a copy of the plan or a summary thereof approved by the commissioner to  each person who, as of the date of delivery, is a holder of record of stock to  be acquired pursuant to the plan.  Such delivery shall be made either in person  or by depositing a copy of the plan or the approved summary in the United  States mails, postage prepaid, addressed to the shareholder at his address of  record.  On or before the date of acquisition proposed in the plan, the parent  corporation shall file with the commissioner a certificate executed by its  president or vice president and attested by its secretary or assistant  secretary under the seal of the parent corporation, attesting to compliance by  the parent corporation with this subsection (1);

    (2) Upon compliance with the foregoing requirements, ownership of the shares  to be acquired pursuant to the plan shall vest in the parent corporation on the  date of acquisition proposed in the plan, whether or not the certificates for  such shares have been surrendered for exchange, and the parent corporation  shall be entitled to have new certificates therefor registered in its name.   Shareholders whose shares have been so acquired shall thereafter retain only  the right either to receive the consideration to be paid in exchange for their  shares pursuant to the plan or to dissent from the plan and receive the fair  value of their shares as hereinafter provided.

     L.1971, c. 132, s. 5, eff. May 6, 1971.