New Jersey § 17:9a-99

§ 17:9a-99.

A. Except as otherwise provided by law, upon an increase of the capital stock of a

bank by an issue of additional shares, every stockholder shall have a right to purchase

that proportion of the shares to be issued which the par value of the stock held by

him bears to the aggregate par value of the capital stock of the bank before such

increase, at such price, which may be in excess of par value, and within such time

as shall be fixed by the resolution of the board adopted pursuant to section 117 1 providing for the issue of such stock, unless (1) such right is waived by him, or

(2) the certificate of incorporation otherwise provided at the time of the issue of

the shares held by him. For the purposes of this subsection, aggregate par value of the capital stock of

a bank shall mean the aggregate par value of all shares the holders of which are entitled

under this section to preemptive rights. B. Unless the certificate of incorporation otherwise provided at the time when the

preferred stock held by him was issued, or unless the right is waived by him, the

holder of shares of preferred stock shall have the preemptive right specified in subsection

A. of this section only in case of the issue of (1) preferred stock of the same class

held by him, or (2) preferred stock which has preference or priority, in the payment

of dividends or upon liquidation, over the class of preferred stock held by him. C. Shares of the capital stock not purchased by stockholders in the exercise of the

rights provided by subsections A. or B. of this section, shall be sold to such persons

as shall be determined by the board of directors, at a price not less than that specified

in the resolution of the board adopted pursuant to section 117 providing for the issue

of such stock. 1

N.J.S.A. § 17:9A-117.