17:9A-124 - Issuance - New Jersey Statutes

17:9A-124.  Issuance
    A bank may issue preferred stock

    (1) Upon its organization as a successor bank pursuant to section 16; or

     (2) Upon its reorganization pursuant to Article 24;  or

     (3) Upon amending its certificate of incorporation as provided by Article 19, upon the vote of the holders of at least two-thirds of the shares of each class of stock issued by the bank;  or

     (4) As an incident of a merger when it is a receiving bank as defined in section 132 (C. 17:9A-132).

     L.1948, c. 67, p. 277, s. 124.  Amended by L.1977, c. 417, s. 2, eff. Feb. 24,  1978.