New Jersey § 52:14-33

§ 52:14-33.

Any officer, commission or board of this State, having money of the State or of such

board or commission on deposit in any national bank transacting business in this State,

or any bank or trust company organized under the laws of this State, may subscribe

to and accept preferred stock in any such national bank, or bank or trust company

of this State, in whole or in part to the extent of such deposit, where the Comptroller

of the Currency of the United States, or the Commissioner of Banking and Insurance

of this State, as the case may be, shall certify in writing to any such officer, commission

or board of this State, that the same is advisable in the public interest. Such officer, board, or commission of this State and his or their successors, shall

have and may, in his or their discretion, exercise all the rights incidental to the

ownership of such stock, and may sell, transfer, or exchange such stock upon such

terms and conditions, and for such consideration as such officer, board, or commission

of this State shall deem advisable or advantageous. Such officer, board, or commission of this State shall have power to participate

in and to consent to any amendment or amendments to the certificate of incorporation

of such national bank or of such bank or trust company of this State, now or hereafter

authorized by law, and may do all acts and things required or necessary to make such

amendment or amendments effective according to their terms.