17:9A-362 - Termination of right of stockholder to be paid the fair value of his shares - New Jersey Statutes

17:9A-362.  Termination of right of stockholder to be paid the fair value of  his shares
    (1) The right of a dissenting stockholder to be paid the fair value of his shares shall cease if

     (a) He has failed to present his certificates for notation as provided by subsection (4) of section 6, unless a court having jurisdiction, for good and sufficient cause shown, shall otherwise direct;

     (b) His demand for payment is withdrawn with the written consent of the participating bank;

     (c) The fair value of the shares is not agreed upon as provided in this act, and no action for the determination of fair value by the Superior Court is  commenced within the time provided in this act;

     (d) The Superior Court determines that the stockholder is not entitled to payment for his shares;

     (e) The plan of acquisition of shares is abandoned, rescinded, or otherwise  terminated in respect to the participating bank of which he is a stockholder;   or

     (f) A court having jurisdiction permanently enjoins or sets aside the acquisition of shares.

    (2) In any case provided for in subsection (1) of this section the rights of  the dissenting stockholder as a stockholder shall be reinstated as of the date  of the making of a demand for payment pursuant to section 6 without prejudice  to any corporate action which has taken place during the interim period.  In  such event, he shall be entitled to any intervening pre-emptive rights and the  right to payment of any intervening dividend or other distribution, or if any  such rights have expired or any such dividend or distribution other than in  cash has been completed, in lieu thereof, at the election of the participating  bank, the fair value thereof in cash as of the time of such expiration or  completion.

     L.1969, c. 118, s. 8, eff. June 30, 1969.