N.J. Admin. Code § 11:2-6.13

Current through Register Vol. 56, No. 23, December 2, 2024

Section 11:2-6.13 - Authorization or issuance of stock

(a) If action is to be taken with respect to the authorization or issuance of any stock of the insurer, the proxy statement shall furnish the title, amount and description of the stock to be authorized or issued.

(b) If the shares of stock are other than additional shares of common stock of a class outstanding, the proxy statement shall furnish a brief summary of the following, if applicable:

1. Dividend rights;

2. Voting rights;

3. Liquidation rights;

4. Preemptive rights;

5. Conversion rights;

6. Redemption and sinking fund provisions; and

7. Interest rate and date of maturity.

(c) If the shares of stock to be authorized or issued are other than additional shares of common stock of a class outstanding, the Commissioner may require financial statements comparable to those contained in the annual report.

N.J. Admin. Code § 11:2-6.13