New Jersey Statutes
§ 17:12B-70 — Default by directors and officers
New Jersey·Title 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
No person who is in default for a period of more than 3 months in the payment of any obligation to an association, shall be elected as an officer or director of such association. If any officer or director defaults for a period of more than 3 months in the payment of any obligation to his association, his office shall thereupon automatically become vacant and he shall not become eligible to any office again until after the expiration of his then existing term of such office. L.1963, c. 144, s. 70.
Free access — add to your briefcase to read the full text and ask questions with AI
New Jersey § 17:12B-70 (Default by directors and officers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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