New Jersey § 17:9A-121 Decrease of capital stock

New Jersey Statutes

§ 17:9A-121 — Decrease of capital stock

New Jersey § 17:9A-121

Title 17CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

This text of New Jersey § 17:9A-121 (Decrease of capital stock) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 17:9A-121 (2026).

Text

The commissioner shall not approve an amendment effecting a decrease in the capital stock if the decrease will cause the capital stock to be less than the minimum capital stock required of banks on their organization under this act as specified in section 4; except that, in the case of banks organized prior to the effective date of this act, the commissioner may approve decreases in capital stock if he shall determine that such decreases are necessary for the continuance of an established banking business, and that the continuance of such business is in the public interest, and that, (1) if the bank is a qualified bank, the decrease will not reduce the capital stock to an amount less than $500,000.00; or (2) if the bank is not a qualified bank, the decrease will not reduce the capital stoc

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The commissioner shall not approve an amendment effecting a decrease in the capital stock if the decrease will cause the capital stock to be less than the minimum capital stock required of banks on their organization under this act as specified in section 4; except that, in the case of banks organized prior to the effective date of this act, the commissioner may approve decreases in capital stock if he shall determine that such decreases are necessary for the continuance of an established banking business, and that the continuance of such business is in the public interest, and that, (1) if the bank is a qualified bank, the decrease will not reduce the capital stock to an amount less than $500,000.00; or (2) if the bank is not a qualified bank, the decrease will not reduce the capital stock to an amount less than $100,000.00; but nothing in this section shall prevent a reduction in capital stock on retirement of preferred stock pursuant to any law in effect when the preferred stock was issued. L.1948, c. 67, p. 276, s. 121. Amended by L.1965, c. 171, s. 17.