N.J. Admin. Code § 3:32-1.6

Current through Register Vol. 57, No. 1, January 6, 2025

Section 3:32-1.6 - Stock purchase rights

(a) Eligible account holders shall be entitled to subscription rights to purchase capital stock pro rata to the value of their holdings. Eligible account holders under 18 years of age shall be entitled to purchase stock under a custodian agreement.

(b) The exercise of the subscription rights of the eligible account holders shall be in accordance with 12 CFR 563 b.

(c) An "eligible account holder" means any person holding a savings account in a converting association on the eligibility record date established by the Commissioner which shall be not less than one year prior to the approval of the plan of conversion of the board of directors.

N.J. Admin. Code § 3:32-1.6

Amended by R.1988 d.472, effective 10/3/1988.
See: 20 New Jersey Register 697(a), 20 New Jersey Register 2450(a).
Added (d).
Amended by R.1998 d.559, effective 12/7/1998.
See: 30 New Jersey Register 3124(a), 30 New Jersey Register 4209(a).
Deleted a former (d).
Amended by R.2004 d.115, effective 3/15/2004.
See: 35 New Jersey Register 5187(a), 36 New Jersey Register 1355(b).
In (c), substituted "one year" for "90 days" preceding "prior to the approval".