New Jersey Statutes 3B:20-18. Authority to exchange or convert securities
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Terms Used In New Jersey Statutes 3B:20-18
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
- Trust instrument: means and includes a will, deed, agreement, court order or other instrument pursuant to which money or other property is entrusted to a fiduciary. See New Jersey Statutes 3B:20-1
3B:20-18. Authority to exchange or convert securities. Except as otherwise provided in the trust instrument, a fiduciary who holds securities in a trust estate issued by a corporation which has been recapitalized or reorganized, or which has been a party to a merger or consolidation, may exchange or convert the securities so held for or into other securities issued by the corporation as an incident of its recapitalization, reorganization, merger or consolidation, or issued by the corporation’s successor corporation as an incident of the merger or consolidation.
Amended 1997, c.26, s.18.