New Jersey Statutes 14A:12-16. Distribution to shareholders
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Terms Used In New Jersey Statutes 14A:12-16
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
Any assets remaining after payment of or provision for claims against the corporation shall be distributed among the shareholders according to their respective rights and interests. Distribution may be made in either or both cash and kind.
L.1968, c.350; amended by L.1969, c. 102, s. 15.