New Jersey Statutes
§ 17:12B-7 — Net income
New Jersey·Title 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
"Net income" shall mean gross income, for an accounting period, less the aggregate of the following:
(a)Operating expenses.
(b)Real estate expenses.
(c)All losses actually sustained during such accounting period from the sale of securities, real estate or other property as shall not have been charged to reserves.
(d)All interest paid, or due but unpaid, on borrowed money.
(e)Any nonrecurring charges. L.1963, c. 144, s. 7.
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Nearby Sections
15
§ 17:12B-1
Construction as revision of prior laws§ 17:12B-10
Per capita assets§ 17:12B-103
Pledge of account to association§ 17:12B-11
Mortgage deemed first lien.§ 17:12B-110
Transfer of membership§ 17:12B-111
Lost certificates and account books§ 17:12B-112
Termination of membership§ 17:12B-113
Notice to members§ 17:12B-114
Meeting place.§ 17:12B-115
Meetings§ 17:12B-116
Quorum