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Current as of January 01, 2024 | Updated by Findlaw Staff
A bank may issue preferred stock
(1) Upon its organization as a successor bank pursuant to section 16; 1 or
(2) Upon its reorganization pursuant to Article 24; 2 or
(3) Upon amending its certificate of incorporation as provided by Article 19, 3 upon the vote of the holders of at least two-thirds of the shares of each class of stock issued by the bank; or
(4) As an incident of a merger when it is a receiving bank as defined in section 132 (C. 17:9A-132).
Cite this article: FindLaw.com - New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 9A-124 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-17-corporations-and-institutions-for-finance-and-insurance/nj-st-sect-17-9a-124/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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