17:9A-131.22 - Capital notes issued for cash; limitation on conversion of convertible capital notes - New Jersey Statutes

17:9A-131.22.  Capital notes issued for cash;  limitation on conversion of convertible capital notes
    Capital notes may be issued only for cash.  Convertible capital notes issued  by a bank may be converted only into common stock of the issuing bank or of a  company as such term is defined in P.L.1957, c. 70, s. 1 (C. 17:9A-344), as  amended, owning more than 25% of the capital stock of such bank.

     L.1966, c. 272, s. 3.  Amended by L.1971, c. 188, s. 1, eff. June 2, 1971.