New Jersey Statutes 14A:7-15. Authority to pay dividends
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Terms Used In New Jersey Statutes 14A:7-15
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(1) Subject to any restrictions contained in the certificate of incorporation and to the provisions of section 14A:7-14.1, a corporation may, from time to time, by resolution of its board, pay dividends on its shares in cash, in its own shares, in its bonds or in other property, including the shares or bonds of other corporations.
(2) (Deleted by amendment, P.L. 1988, c. 94.)
(3) (Deleted by amendment, P.L. 1988, c. 94.)
(4) (Deleted by amendment, P.L. 1988, c. 94.)
(5) Unless the certificate of incorporation otherwise provides, a dividend may be paid in shares having a preference in the assets of the corporation upon liquidation, whether or not the net assets at the time of the share dividend are less than the aggregate amount of such prior and newly created preferences.
(6) (Deleted by amendment, P.L. 1988, c. 94.)
L.1968, c.350; amended 1988,c.94,s.45.