New Jersey Statutes Title 14A. Corporations, General 14A § 7-16

(1) Subject to the provisions of section 14A:7-1414A:7-14.1, a corporation may acquire its own shares.

(2) (Deleted by amendment, P.L.1988, c. 94.)

(3) (Deleted by amendment, P.L.1988, c. 94.)

(4) (Deleted by amendment, P.L.1988, c. 94.)

(5) No acquisition of its own shares shall be made by a corporation

(6) (Deleted by amendment, P.L.1988, c. 94.)

(7) Unless the certificate of incorporation otherwise provides, a corporation may acquire its shares whether or not the net assets remaining after the transaction are less than the aggregate amount of the preferences of outstanding shares in the assets of the corporation upon liquidation.

(8) In connection with an agreement to acquire its shares, a corporation may grant a security interest in the acquired shares to secure an obligation to pay for the acquisition.  The shares shall not be deemed to be reacquired by the corporation and cancelled on its books until the obligation of the corporation is fully paid or discharged.

(9) A corporation may acquire or agree to acquire its shares, notwithstanding that the acquisition would constitute a distribution prohibited under section 14A:7-14.1, if all or part of the purchase price is deferred until such time as the payment would not constitute a prohibited distribution.