N.J. Admin. Code § 18:26-11.29

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:26-11.29 - Transfer of stock of a New Jersey corporation

(a) No corporation organized under the laws of this State may transfer any of its stock standing in the name of or belonging to a resident decedent or in the joint names of such a decedent and one or more persons, or in trust for a resident decedent, unless the written consent of the Director is first obtained.

(b) The written consent of the Director is required in connection with the transfer of stock of a corporation organized under the laws of New Jersey when such stock represents shares issued as a stock dividend where the holder of record date is the same date as that on which the decedent died, or a date prior thereto, and such stock is received by the decedent's personal representative.

(c) The corporation issuing or paying its shares in the form of a stock dividend is responsible for obtaining from the representative of the estate the written consent of the Director for the transfer of all stock standing in the name of the decedent on its books as of the date of death and such additional shares as are issued as stock dividends subsequent to death where the holder of record date is prior to, or the same as, the date of death of the decedent.

(d) The written consent of the Director is required where stock of a New Jersey Corporation owned by a resident decedent is to be surrendered in exchange for the stock of any corporation whether title to the new shares are registered in the decedent's name or in the name of the estate.

N.J. Admin. Code § 18:26-11.29