17:9A-27.52 - Provision in certificate of incorporation for authorized but unissued shares of capital stock - New Jersey Statutes

17:9A-27.52.  Provision in certificate of incorporation for authorized but unissued shares of capital stock    In order to have shares of its capital stock available for the purposes of this act, a bank may provide in its certificate of incorporation, or an amendment thereof, for authorized but unissued shares of its capital stock. An amendment of the certificate of incorporation for such purpose shall be made in  the manner provided by Article 19 of the act of which this act is a supplement.   Such authorized but unissued shares of capital stock of the bank shall not  become issued and fully paid shares of the capital stock of the bank until the  option or options to which the shares of stock are subject have been exercised,  and such shares of capital stock shall not become part of the capital stock of  the bank except for the purposes hereof until such time as such shares of stock  have been issued and paid for in cash.

     L.1964, c. 202, s. 3.