New Jersey Statutes 17:9A-358. Approval of plan of acquisition by commissioner; review
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 17:9A-358
- 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.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
(1) The plan of acquisition, executed by all the parties thereto, shall be submitted to the commissioner who shall, within 60 days from the date of such submission, endorse thereon his approval or disapproval. If the commissioner disapproves the plan of acquisition, he shall forthwith file a memorandum in the department stating the reasons for his disapproval, and shall mail a copy of the memorandum to the acquiring corporation and each participating bank. The commissioner shall not withhold his approval unless he shall find that the plan of acquisition contains provisions which do not conform to law, or that the plan of acquisition is not in the public interest.
(2) The commissioner’s disapproval of a plan of acquisition shall be subject to review, hearing and relief in the Superior Court in a proceeding in lieu of prerogative writ.
L.1969, c. 118, s. 4, eff. June 30, 1969.