New Jersey § 17:9a-360

§ 17:9a-360.

(1) Any stockholder of a participating bank electing to dissent from the plan of acquisition

may do so by filing with the participating bank of which he is a stockholder, a written

notice of such dissent, stating that he intends to demand payment for his shares if

the plan of acquisition becomes effective. Such dissent shall be filed before the taking of the vote of the stockholders on

the plan of acquisition pursuant to section 5. 1 (2) Within 10 days after the date on which the plan of acquisition is approved by

stockholders of a participating bank as provided in section 5 hereof, such bank shall

give notice of such approval by certified mail to each stockholder who has filed written

notice of dissent pursuant to subsection (1) of this section, except any who voted

for or consented in writing to such plan of acquisition. (3) Within 20 days after the mailing of such notice, any stockholder to whom the participating

bank was required to give such notice, may make written demand on the participating

bank for the payment of the fair value of his shares. A stockholder who makes a demand pursuant to this subsection (3) is hereafter in

this act referred to as a “ dissenting stockholder .” Upon making such demand, the dissenting stockholder shall cease to have any rights

of a stockholder except the right to be paid the fair value of his shares and any

other rights of a dissenting stockholder under this act. (4) Not later than 20 days after demanding payment for his shares pursuant to this

section, the stockholder shall submit the certificate or certificates representing

such shares to the participating bank of which he is a stockholder for notation thereon

that such demand has been made, whereupon such certificate or certificates shall be

returned to him. If shares represented by a certificate on which such notation has been made shall

be transferred, each new certificate issued therefor shall bear similar notation,

together with the name of the original dissenting holder of such shares, and a transferee

of such shares shall acquire by such transfer no rights other than those which the

original dissenting stockholder had after making a demand for payment of the fair

value thereof. (5) A stockholder may not dissent as to less than all of the shares owned beneficially

by him. A nominee or fiduciary may not dissent on behalf of any beneficial owner as to less

than all of the shares of such owner. 1

N.J.S.A. § 17:9A-359.