N.J.S.A. 17:9A-6 — Capital stock; par value and classes

17:9A-6. Capital stock; par value and classes A. Except as otherwise provided in this section the par value of the shares of the capital stock issued by any bank shall be not less than $2.00 per share. B. A bank may create and issue common stock and preferred stock. C. The minimum par value imposed by subsection A of this section shall not apply to stock issued before the effective date of this act. Notwithstanding any other provision of this act, any bank heretofore organized may, in increasing or decreasing its capital stock, or in converting its preferred stock into common stock, assign to its shares the same par value as that assigned to such stock issued and outstanding on the effective date of this act. L.1948, c. 67, p. 183, s. 6. Amended by L.1962, c. 145, s. 1; L.1977, c. 417, s. 1, eff. Feb. 24, 1978.

This is the verbatim text of N.J.S.A. 17:9A-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.