N.J.S.A. 17:9A-180.6 — Limitation on investment in corporate stock; exemptions

17:9A-180.6. Limitation on investment in corporate stock; exemptions No savings bank shall make an investment in the stock of any corporation pursuant to this act, except in investment under section 1(2), hereof, which investments are exempt from the limitations imposed by this section, at any time when the total of all such investments in stocks of such corporation, issued or guaranteed, exceeds or if the making of such investment would cause such investment to exceed two per centum of the total outstanding shares of the guaranteed, or of the preferred, or of the common stock of such corporation or three per centum of the surplus (as hereinafter defined) of the savings bank, whichever amount is less. L.1953, c. 78, p. 1000, s. 2.

This is the verbatim text of N.J.S.A. 17:9A-180.6, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.