17:9A-366 - Action to determine fair value; jurisdiction of court; appointment of appraiser - New Jersey Statutes

17:9A-366.  Action to determine fair value;  jurisdiction of court; appointment of appraiser    In any action to determine the fair value of shares pursuant to this act:

    (a) The Superior Court shall have jurisdiction and may proceed in the action  in a summary manner or otherwise;

    (b) All dissenting stockholders, wherever residing, except those who have agreed with the participating bank upon the price to be paid for their shares, shall be made parties thereto as an action against their shares quasi in rem;

    (c) The court in its discretion may appoint an appraiser to receive evidence  and report to the court on the question of fair value, who shall have such  power and authority as shall be specified in the order of his appointment;   and

    (d) The court shall render judgment against the participating bank and in favor of each stockholder who is a party to the action for the amount of the fair value of his shares.

     L.1969, c. 118, s. 12, eff. June 30, 1969.