17:9A-6.1 - Authorized but unissued stock provided for - New Jersey Statutes

17:9A-6.1.  Authorized but unissued stock provided for
    A bank may, in its original or amended certificate of incorporation make provision for authorized but unissued stock.  Such stock may, with the approval  of the Commissioner of Banking as hereinafter provided, be issued for such  purposes, in addition to the purposes expressly authorized by law, and for such  consideration as the board of directors may determine.  So long as such stock  remains unissued, it shall not constitute capital stock for the purposes of the  act to which this act is a supplement.

     L.1970, c. 294, s. 1, eff. Dec. 14, 1970.