17:9A-6 - Capital stock; par value and classes - New Jersey Statutes

17:9A-6.  Capital stock;  par value and classes
    A.  Except as otherwise provided in this section the par value of the shares  of the capital stock issued by any bank shall be not less than $2.00 per  share.

    B.  A bank may create and issue common stock and preferred stock.

     C.  The minimum par value imposed by subsection A of this section shall not  apply to stock issued before the effective date of this act. Notwithstanding  any other provision of this act, any bank heretofore organized may, in  increasing or decreasing its capital stock, or in converting its preferred  stock into common stock, assign to its shares the same par value as that  assigned to such stock issued and outstanding on the effective date of this  act.

     L.1948, c. 67, p. 183, s. 6.  Amended by L.1962, c. 145, s. 1;  L.1977, c. 417, s. 1, eff. Feb. 24, 1978.