17:9A-154 - Issuance of stock - New Jersey Statutes

17:9A-154.  Issuance of stock
    Stockholders of a national banking association who do not demand payment for  their shares of stock as specified in section 153, shall become stockholders of  the bank, and shall be entitled to receive stock of the bank in an amount which  bears the same ratio to the entire capital stock of the bank that the stock  held by such stockholder in the association bore to the entire capital stock of  the association.  In the exchange of stock, the bank may issue preferred stock  to those who held preferred stock in the association, and may provide for such  of the priorities and preferences to which such stock was entitled when held in  the association, as may be lawful under the provisions of this act.

     L.1948, c. 67, p. 291, s. 154.