New Jersey Statutes 17:27B-2. Acquisition of minority interests
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Terms Used In New Jersey Statutes 17:27B-2
- 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.
(1) Any parent corporation may, in the manner hereinafter prescribed, acquire all of the issued and outstanding shares of voting stock of its subsidiary insurer not owned by the parent corporation.
(2) The method authorized by this act for acquiring shares of a subsidiary insurer is not exclusive, but is in addition to any other lawful method for the acquisition of such shares.
L.1971, c. 132, s. 2, eff. May 6, 1971.