There is a newer version
of
this Section
2019 New Jersey Revised Statutes
Title 34 - Labor and Workmen's Compensation
Section 34:17-16 - Contribution by stockholder
Universal Citation: NJ Rev Stat § 34:17-16 (2019)
34:17-16. Contribution by stockholder
When the whole capital of such society has not been paid in, and its assets are insufficient for the payment of its debts, liabilities and obligations, each stockholder shall be bound to pay on each share held by him the sum necessary to complete the amount of such share, as fixed in the certificate of association, or such proportion as shall be required to satisfy such debts, liabilities and obligations.
No such contribution shall be required from any person after the expiration of one year from the time he has ceased to be a member, or for any debt, liability or obligation contracted after he has ceased to be a member of such society.
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.
