17:9A-136 - Approval of agreement by commissioner; review - New Jersey Statutes

17:9A-136.  Approval of agreement by commissioner;  review
    A.  The merger agreement, executed by all the parties thereto, shall be submitted to the commissioner who shall, within sixty days from the date of such submission, endorse thereon his approval or disapproval.  If the commissioner shall disapprove the agreement, he shall forthwith file a memorandum in the department stating the reasons for his disapproval, and shall  mail a copy of the memorandum to each of the banks which is a party to the  merger agreement.  The commissioner shall not withhold his approval unless he  shall find that the merger agreement contains provisions which do not conform  to this act, or that the merger will not be in the public interest.

    B.  The commissioner's disapproval of a merger agreement, as provided in subsection A of this section, shall be subject to review, hearing and relief in  the Superior Court in a proceeding in lieu of prerogative writ.

     L.1948, c. 67, p. 283, s. 136.  Amended by L.1953, c. 17, p. 168, s. 23.