New Jersey Administrative Code
Title 3 - BANKING
Chapter 32 - CONVERSIONS OF ASSOCIATIONS
Subchapter 1 - CONVERSION OF A MUTUAL ASSOCIATION TO A CAPITAL STOCK ASSOCIATION
Section 3:32-1.7 - Purchase price of stock

(a) The application for final approval shall fix a subscription price per share not less than $ 5.00 and not more than $ 50.00, except that the subscription price may exceed $ 50.00 per share upon a showing of special circumstances.

(b) Prices are to be established by persons independent of the converting association who are experienced and expert in corporate appraisal. The independence of the persons shall not be deemed to have been compromised merely because they participated in selling the stock or received from the association a fee for price appraisal services. The persons shall be acceptable to the Commissioner and the corporation.