New Jersey Statutes
§ 17:17-11 — Transacting business before authority given; liability of directors and corporators
New Jersey·Title 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
The directors and corporators of any company organized under chapters 17 to 33 of this title (s. 17:17-1 et seq.), shall be jointly and severally liable for all obligations incurred by the company by reason of its having transacted any business before it has received legal authority so to do.
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New Jersey § 17:17-11 (Transacting business before authority given; liability of directors and corporators) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Nearby Sections
15
§ 17:17-1
Kinds of insurance§ 17:17-10
Certificates authorizing company to commence business; issuance, surrender; replacement carrier.§ 17:17-13
Application of subtitle limited§ 17:17-14
Assessments required when liabilities of mutual company, other than fire or life, exceed assets§ 17:17-15
Rules, regulations on solvency standards§ 17:17-18
Maintenance of reserves§ 17:17-2
Stock or mutual plan§ 17:17-20
Change of domicile for insurers§ 17:17-3
Purposes permitted§ 17:17-4
Certificate of incorporation