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2017 New Jersey Revised Statutes
TITLE 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Section 17:12B-293 - Approval of commissioner needed to acquire more than 25% of voting shares
Universal Citation: NJ Rev Stat § 17:12B-293 (2017)
17:12B-293. Approval of commissioner needed to acquire more than 25% of voting shares
No person shall, without the prior approval of the commissioner, acting directly or indirectly or through or in concert with one or more persons:
a. Obtain or exercise control of a capital stock state association; or
b. Acquire beneficial ownership or control of any voting shares of a capital stock state association, if, after the acquisition, the person would beneficially own or control more than 25% of the then-outstanding voting share of the capital stock state association.
L.1989,c.165,s.2.
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