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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

    Chapter 12b: Construction as revision of prior laws

      Section: 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.



This section added to the Rutgers Database: 2013-06-10 16:36:30.






Older versions of 17:12b-293 (if available):



Court decisions that cite this statute: CLICK HERE.