There is a newer version of the New Jersey Revised Statutes
2023
2022
2021
2020
2019
Other previous versions
View our newest version here

2013 New Jersey Revised Statutes
Title 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Section 17:52-15 - Members; obligations


NJ Rev Stat § 17:52-15 (2013) What's This?

17:52-15. Members; obligations
Each member shall, when called upon to do so by the board of directors, lend money to the corporation, but no member shall make any loan to the corporation in any sum which would cause the amount owing to the member by the corporation to exceed 2% of the member's capital and surplus, or $100,000.00, whichever is the lesser. Calls for loans shall be prorated among the members who are subject to such call, according to the ratio which each member's maximum lending capacity, as in this section limited, bears to the aggregate lending capacities of all members.

L.1957, c. 218, p. 759, s. 15.


Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.