reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17:9A-151 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-151 - Capital stock and surplus

17:9A-151. Capital stock and surplus  The capital stock and surplus of a bank incorporated pursuant to this article shall be at least equal to the minimum capital stock and surplus required by section 4, and shall be in such greater amount as the commissioner may deem to be necessary in the public interest. The capital stock and surplus of such bank need not be paid in cash, but may consist of assets of the national banking association approved by the commissioner as to value. L.1948, c. 67, p. 290, s. 151. Amended by L.1951, c. 41, p. 151, s. 5.
NJ Rev Stat § 17:9A-152 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-152 - Effect of conversion

17:9A-152. Effect of conversion  Upon compliance with the requirements of this article, (1) the bank shall be authorized to transact business pursuant to this act; (2) the property and rights of the national banking association shall vest in the bank without further act or deed; (3) the rights and obligations of the national banking association shall become the rights and obligations of the bank; (4) if the bank is a qualified bank, it shall, without further act or deed and without order or judgment of any court, succeed the national banking association in every fiduciary and agency capacity of the association, unless prohibited by the instrument under which the association acted in such fiduciary or agency capacity; and (5) any pending action by or against the national banking association shall survive its conversion into a bank, and the bank shall be substituted for the association. L.1948, c. 67, p. 291, s. 152. Amended by L.1953, c. 17, p. 171, s. 27.
NJ Rev Stat § 17:9A-153 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-153 - Rights of dissenting stockholders

17:9A-153. Rights of dissenting stockholders  A stockholder of a national banking association which converts into a bank pursuant to this article may make a demand for and receive payment of the value of his shares in such association in the manner defined, prescribed and limited by applicable Federal law, and the bank shall make such payment to such stockholder, and shall pay the costs of appraisal, in the amount and in the manner required by applicable Federal law. L.1948, c. 67, p. 291, s. 153. Amended by L.1951, c. 41, p. 152, s. 6.
NJ Rev Stat § 17:9A-154 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-154 - Issuance of stock

17:9A-154. Issuance of stock  Stockholders of a national banking association who do not demand payment for their shares of stock as specified in section 153, shall become stockholders of the bank, and shall be entitled to receive stock of the bank in an amount which bears the same ratio to the entire capital stock of the bank that the stock held by such stockholder in the association bore to the entire capital stock of the association. In the exchange of stock, the bank may issue preferred stock to those who held preferred stock in the association, and may provide for such of the priorities and preferences to which such stock was entitled when held in the association, as may be lawful under the provisions of this act. L.1948, c. 67, p. 291, s. 154.
NJ Rev Stat § 17:9A-154.1 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-154.1 - Conversion without approval of state officials; certificate required

17:9A-154.1. Conversion without approval of state officials; certificate required  A bank, as defined in section 1 of "An act concerning banking and banking institutions (Revision of 1948)," approved April twenty-ninth, one thousand nine hundred and forty-eight (P.L.1948, c. 67) may, without the approval of any officer, department, board or other agency of this State, convert itself into and become a national banking association in the manner and with the effect provided by the laws of the United States, as presently enacted, and as hereafter from time to time supplemented or amended, governing the conversion of a bank organized under State laws into a national banking association. A majority of the directors of such bank shall file in the Department of Banking and Insurance a certificate over their signatures that the stockholders of the bank have given their approval to the conversion of such bank into a national banking association in the manner required by the laws of the United States, and that such bank intends to act in pursuance thereof. Upon the taking effect of such conversion pursuant to the laws of the United States, the bank shall be deemed to have surrendered its charter. No bank shall convert itself into a national banking association unless a national banking association may, under the laws of the United States, convert into a bank organized under State laws, without approval by any United States authority, nor shall any bank convert itself into a national banking association at any time when the laws of the United States applicable thereto provide that such conversion may be effected by vote of the shareholders owning less than fifty-one per centum (51%) of the capital stock of such bank entitled to vote. L.1951, c. 41, p. 152, s. 7.
NJ Rev Stat § 17:9A-155 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-155 - Procedure

17:9A-155. Procedure  A. A bank may be dissolved in the manner provided by sections 14A:12-3 or 14A:12-4 of Title 14A, Corporations, General, of the New Jersey Statutes, except that the filings required to be made by section 14A:12-3 or 14A:12-4 of the New Jersey Statutes shall be made in the department; and except further, that the consent of the holders of 2/3 of all the stock of the bank shall be required before a bank may effect its voluntary dissolution. B. If a bank has heretofore suspended or shall hereafter suspend the transaction of its business, except that incidental to the liquidation and distribution of its assets, and such suspension has heretofore continued or shall hereafter continue for a period of not less than 12 months, and such bank has not been dissolved pursuant to law, the commissioner may make an order, to be filed in the department, forfeiting the bank's rights, powers and privileges as a corporation, and, upon such filing, the corporate rights, powers and privileges of the bank shall cease, and the bank shall thereupon be dissolved. This subsection shall not abridge or affect the rights and powers conferred by article 42. L.1948, c. 67, p. 292, s. 155. Amended by L.1950, c. 33, p. 67, s. 1; L.1969, c. 244, s. 6, eff. Dec. 23, 1969.
NJ Rev Stat § 17:9A-156 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-156 - Effect

17:9A-156. Effect  Upon its dissolution pursuant to section 155 or upon the filing of an order of the commissioner pursuant to section 17, the bank, its officers, directors, stockholders, depositors and other creditors shall become and be subject to all the provisions of chapter 12 of Title 14A of the New Jersey Statutes to the extent that such provisions are not inconsistent with this act. L.1948, c. 67, p. 293, s. 156. Amended by L.1969, c. 244, s. 7, eff. Dec. 23, 1969.
NJ Rev Stat § 17:9A-157 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-157 - Application of article

17:9A-157. Application of article  A bank may reorganize in the manner provided by this article if (1) it is insolvent, or has suspended its business for lack of funds to carry it on, and the commissioner is in possession of its property and business; or (2) a receiver has been appointed pursuant to section 303. L.1948, c. 67, p. 293, s. 157.
NJ Rev Stat § 17:9A-158 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-158 - Who may propose plan; approval or disapproval by commissioner

17:9A-158. Who may propose plan; approval or disapproval by commissioner  A. The commissioner, a bank acting by its board of directors, or three or more depositors or other creditors of the bank who have claims, liquidated as to amount and not contingent as to liability, amounting in the aggregate to ten thousand dollars or more, or the holders of not less than ten per centum of the capital stock of the bank may propose a plan for the reorganization of the bank. B. If the plan is not proposed by the commissioner or by the bank, it shall first be submitted to the commissioner for approval. The commissioner shall approve a plan if he is satisfied (1) that it complies with the provisions of section 161; (2) that it is fair, equitable and feasible; (3) that the persons who will be the directors and officers of the bank upon reorganization, possess capacity and fitness for the duties and responsibilities with which they will be charged; and (4) that the interest of the public will be served to advantage by the adoption of the plan. L.1948, c. 67, p. 293, s. 158.
NJ Rev Stat § 17:9A-159 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-159 - Action for approval of plan

17:9A-159. Action for approval of plan  A. The commissioner, or the bank, if either is the proponent of a plan of reorganization, or other proponents of a plan which has been approved by the commissioner pursuant to section one hundred fifty-eight, may, if no other action has been instituted pursuant to this section, institute an action in the Superior Court for approval of the plan. Process against and notice to the stockholders, depositors and other creditors may be served by mail addressed to each at his address as it appears on the bank's records. L.1948, c. 67, p. 294, s. 159. Amended by L.1953, c. 17, p. 171, s. 28.
NJ Rev Stat § 17:9A-160 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-160 - Jurisdiction of Superior Court

17:9A-160. Jurisdiction of Superior Court  The Superior Court shall have jurisdiction of actions pursuant to this article and to make such orders and judgments as may be necessary to (1) determine the rights, equities and priorities of all parties; (2) fix the division of creditors and stockholders into classes according to the nature of their respective claims or stock; and, to that end, summarily determine the value of security so as to classify as unsecured the amount in excess of such value; (3) approve a plan in compliance with the provisions of this article; and (4) consummate such plan as may be approved by the court. L.1948, c. 67, p. 295, s. 160. Amended by L.1953, c. 17, p. 172, s. 29.
NJ Rev Stat § 17:9A-161 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-161 - Provisions of plan of reorganization

17:9A-161. Provisions of plan of reorganization  A. Every plan of reorganization shall state: (1) the names of the persons who will be the directors of the bank; (2) the names of the persons who will be the officers of the bank; (3) the amount of the capital stock, the classes into which it will be divided, the par value of the shares of each class, and the number of shares in each class; if preferred stock is to be issued, the plan shall state the matters specified in subsection A of section 125; (4) the amount of the surplus of the bank upon reorganization; (5) the powers authorized by this act which the bank will have power to exercise; (6) the claims of creditors, if any, which will be paid in cash in full; (7) the creditors or stockholders, or any class of creditors or stockholders, not adversely affected by the plan, and the provisions, if any, with respect to them; (8) the provisions for any class or classes of creditors or stockholders adversely affected by the plan; (9) the means for execution of the plan; and (10) the provisions for payment of all costs and expenses of reorganization and other allowances which may be approved or made by the court. B. In addition to the matters required by subsection A of this section, a plan of reorganization may contain other appropriate provisions not inconsistent with the provisions of this act including, by way of description and not by way of limitation, (1) provision for the termination of any executory contract, including a lease of real property; (2) provision for the settlement or adjustment of obligations owing to the bank and for the disposition of such obligations which are not settled or adjusted in the plan; (3) provision for one or more classes of preferred stock, to be issued for cash, or in whole or in part satisfaction of claims of depositors or other creditors, or in exchange for shares of the capital stock of the bank of any class or classes; (4) the transfer to a trustee or trustees of any part of the bank's assets for liquidation for the benefit of one or more or all of the classes of creditors and stockholders; and (5) the merger of the bank with another bank or other banks. L.1948, c. 67, p. 295, s. 161.
NJ Rev Stat § 17:9A-162 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-162 - Approval of plan by the court

17:9A-162. Approval of plan by the court  The proposed plan may be modified under the direction of the court. If, after a hearing, the court shall find that the plan, as proposed or modified, (1) complies with the provisions of this article, (2) is fair, equitable and feasible, and, if the plan is proposed by the bank, (3) that the persons who will be the directors and officers of the bank upon reorganization, possess capacity and fitness for the duties and responsibilities with which they will be charged; and (4) that the interest of the public will be served to advantage by the adoption of the plan, it shall approve the plan and fix a time within which the creditors and stockholders adversely affected thereby may accept or reject the plan. L.1948, c. 67, p. 297, s. 162. Amended by L.1953, c. 17, p. 172, s. 30.
NJ Rev Stat § 17:9A-163 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-163 - Transmittal of plan and court approval to creditors and stockholders

17:9A-163. Transmittal of plan and court approval to creditors and stockholders  Upon approval of the plan by the court, as provided by section 162, the commissioner or receiver who is in possession of the property and business of the bank shall transmit to all depositors, other creditors and stockholders who are affected by the plan, (1) a copy of the plan as approved; (2) a copy of the opinion of the court, if any, approving the plan, or a summary of the opinion approved by the court; (3) a summary of the rights of depositors, other creditors and stockholders provided in sections 164, 165 and 166, approved by the court; and (4) such other matters as the court may deem necessary or desirable for the information of depositors, other creditors and stockholders. L.1948, c. 67, p. 297, s. 163.
NJ Rev Stat § 17:9A-164 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-164 - Acceptance or rejection of plan

17:9A-164. Acceptance or rejection of plan  A. Following the approval of a plan by the court and its transmittal to depositors, other creditors and stockholders pursuant to sections 162 and 163, the proponent or proponents of the plan shall solicit acceptances from creditors and stockholders of each class adversely affected by the plan. Acceptances of creditors and stockholders shall be filed in the court. B. No acceptances shall be required of creditors or stockholders of any class which is not adversely affected by the plan, or of stockholders of any class, if the court determines that the liabilities of the bank are in excess of its assets. C. No person shall, without the consent of the court, solicit any acceptance, conditional or unconditional, of any plan, or any authority, conditional or unconditional, to accept any plan, whether by proxy, deposit, power of attorney or otherwise, until after the entry of an order approving such plan and its transmittal to depositors, other creditors and stockholders as provided in sections 162 and 163. Any such acceptance or authority given, procured or received prior to such approval and transmittal shall be invalid, unless such consent of the court has been so obtained. D. Any depositor, other creditor or stockholder who is adversely affected by the plan may file a rejection of the plan in the Superior Court within the time limited by the order of the court made pursuant to section 162. Each depositor, other creditor or stockholder who fails to file such a rejection shall be deemed to have accepted the plan. E. Every fiduciary, every banking institution, insurance company or other corporation of this State, and every officer of this State or of a county, municipality, school district, public board, commission or other body of this State shall have the power to accept or reject a plan of reorganization of a bank and to do such other acts as may be necessary to make such acceptance or rejection effective. F. If the acceptance or rejection of a plan by the holder of any claim or stock is not in good faith, in the light of or irrespective of the time of acquisition thereof, the court may, after hearing upon notice, direct that such claim or stock be disqualified for the purpose of determining the requisite majority for the acceptance of a plan, as provided in subsection G of this section. G. If two-thirds in amount of the claims or shares of any class of creditors or stockholders accept or are deemed to have accepted the plan, all creditors or stockholders in such class shall be bound by the plan. L.1948, c. 67, p. 298, s. 164.
NJ Rev Stat § 17:9A-165 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-165 - Provision for classes of creditors or stockholders not bound by plan

17:9A-165. Provision for classes of creditors or stockholders not bound by plan  A. The court, upon such notice and hearing as it shall determine, shall, subject to confirmation of the plan, provide for any class of creditors which is adversely affected by and is not bound by the plan, adequate protection for the realization by the creditors of such class of the value of their claims against the property dealt with by the plan and affected by such claims, (1) by the transfer or sale, or by the retention by the bank, of such property subject to such claims; or (2) by a sale of such property free of such claims, at not less than a fair upset price, and the transfer of such claims to the proceeds of such sale; or (3) by appraisal and payment in cash of the value of such claims; or (4) by such other method as will, under and consistent with the circumstances of the particular case, equitably and fairly provide such protection. B. The court, upon such notice and hearing as it shall determine, shall, subject to confirmation of the plan, provide for any class of stockholders which is adversely affected by and is not bound by the plan, adequate protection for the realization by the stockholders of such class of the value of their equity, if any, in the property of the bank dealt with by the plan, (1) by the sale of such property at not less than a fair upset price; or (2) by appraisal and payment in cash of the value of their stock; or (3) by such other method as will, under and consistent with the circumstances of the particular case, equitably and fairly provide such protection; but the protection afforded by this subsection shall not be required if the court shall determine that the liabilities of the bank are in excess of its assets. L.1948, c. 67, p. 299, s. 165.
NJ Rev Stat § 17:9A-166 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-166 - Confirmation of plan

17:9A-166. Confirmation of plan  If the court, upon such notice and hearing as it shall prescribe shall be satisfied that depositors, other creditors and stockholders holding two-thirds in amount of the claims or shares of each class are bound by the plan, as provided in section one hundred sixty-four, exclusive of creditors and stockholders whose acceptances are not required pursuant to subsections B and F of section one hundred sixty-four, and exclusive of each class of creditors or stockholders for which provision is made pursuant to section one hundred sixty-five, it may enter a judgment confirming the plan. L.1948, c. 67, p. 300, s. 166. Amended by L.1953, c. 17, p. 173, s. 31.
NJ Rev Stat § 17:9A-167 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-167 - Allowances for services, costs and expenses

17:9A-167. Allowances for services, costs and expenses  The Superior Court may allow reasonable compensation for services rendered and reimbursement for proper costs and expenses incurred by the commissioner, the bank, and depositors, other creditors and stockholders, and their counsel, in connection with the submission by them of a plan or suggestions for modification of a plan, or in connection with objections by them to the approval or confirmation of a plan. In fixing any such allowances, the court shall give consideration only to the services which contributed to the reorganization of the bank, or to the rejection of a plan of reorganization, and the proper costs and expenses incidental thereto. L.1948, c. 67, p. 301, s. 167.
NJ Rev Stat § 17:9A-168 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:9A-168 - Consummation of plan

17:9A-168. Consummation of plan  A. If no appeal from the judgment confirming the plan is pending at the expiration of the time limited for taking appeals, a copy of the plan, certified by two officers of the bank named in the plan, shall be filed in the department, together with such proof as the commissioner shall require that no such appeal is pending. B. If an appeal shall be taken from the judgment confirming the plan, no action shall be taken to consummate the plan pending final disposition of the appeal. If the appeal results in an affirmance of the judgment confirming the plan, or if the plan is modified and confirmed in conformance with the decision of the appellate court, a copy of the plan as finally confirmed, certified by two officers of the bank named in the plan, shall be filed in the department with such proof of the final disposition of the appeal as the commissioner shall require. C. Following the filing of a certified copy of the plan in the department pursuant to subsection A or subsection B of this section, and following the consummation of the plan pursuant to its provisions and pursuant to such orders of the court as may be necessary therefor, the commissioner shall issue a certificate of authority to the bank. Upon the issuance of the certificate of authority the bank shall be authorized to transact business pursuant to this act. D. Any certificate, agreement or other instrument required to be executed, or executed and acknowledged, for the purpose of the consummation of the plan may be executed, or executed and acknowledged, by such persons as shall be named therefor by the court or in the plan of reorganization, if there shall be no persons otherwise authorized by law to execute, or execute and acknowledge, such certificates, agreements or other instruments. L.1948, c. 67, p. 301, s. 168. Amended by L.1953, c. 17, p. 173, s. 33.