17:9A-364 - Determination of fair value by agreement - New Jersey Statutes

17:9A-364.  Determination of fair value by agreement
    (1) Within 10 days after the expiration of the period within which stockholders may make written demand to be paid the fair value of their shares,  or within 10 days after the plan of acquisition becomes effective, whichever is  later, the participating bank shall mail to each dissenting stockholder the  balance sheet and the surplus statement of the participating bank as of the  latest available date, which shall not be earlier than 12 months prior to the  making of the offer of payment hereinafter referred to in this subsection, and  a profit and loss statement or statements for not less than a 12-month period  ended on the date of such balance sheet or, if the participating bank was not  in existence for such 12-month period, for the portion thereof during which it  was in existence. The participating bank may accompany such mailing with a  written offer to pay each dissenting stockholder for his shares at a specified  price deemed by such bank to be the fair value thereof.  Such offer shall be  made at the same price per share to all dissenting stockholders of the same  class, or, if divided into series, of the same series.

    (2) If, not later than 30 days after the expiration of the 10-day period limited by subsection (1) of this section, the fair value of the shares is agreed upon between any dissenting stockholder and the participating bank, payment therefor shall be made upon surrender of the certificate or certificates representing such shares.

     L.1969, c. 118, s. 10, eff. June 30, 1969.