Approval of commissioner needed to acquire more than 25% of voting shares

N.J. Stat. § 17:12B-293
in effect
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No person shall, without the prior approval of the commissioner, acting directly or indirectly or through or in concert with one or more persons: a. Obtain or exercise control of a capital stock state association; or b. Acquire beneficial ownership or control of any voting shares of a capital stock state association, if, after the acquisition, the person would beneficially own or control more than 25% of the then-outstanding voting share of the capital stock state association. L.1989,c.165,s.2.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026

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