17:9A-89 - Voting stock held by fiduciaries - New Jersey Statutes

17:9A-89.  Voting stock held by fiduciaries
    A.  Shares of the capital stock of a bank held in a fiduciary capacity may be voted in person or by proxy by the fiduciary holding such shares. If a bank holds shares of its own capital stock in a fiduciary capacity, such shares may be voted and shall be counted in determining the total number of outstanding shares at any given time.

    B.  If shares of the capital stock of a bank are held in a fiduciary capacity by two or more fiduciaries, such shares may be represented and voted at any meeting of the stockholders by any one of such fiduciaries, unless either (1) such fiduciary shall be acting under an instrument or judgment of court which otherwise directs, or (2) two or more fiduciaries seek to represent  or vote such shares in person or by proxy in a conflicting manner. If the  instrument or judgment of court under which the fiduciaries are acting does not  provide the manner in which such shares shall be represented or voted, and the  cofiduciaries are in disagreement as to such representation or voting, such  shares shall be represented and voted in the manner determined by a majority of  the cofiduciaries and, if they be equally divided, such shares shall not be  represented or voted except pursuant to an order or judgment of a court of  competent jurisdiction.

     L.1948, c. 67, p. 259, s. 89.  Amended by L.1953, c. 17, p. 166, s. 20.