New Jersey Statutes
§ 4:13-28 — Liquidated damages for failure of member to perform
New Jersey·Title 4 AGRICULTURE AND DOMESTIC ANIMALS
The by-laws or contract may fix specific sums, in amounts fairly related to the actual damages ordinarily suffered in like circumstances, to be paid to the association as liquidated damages by a member who shall fail to perform any obligation to the association imposed upon him by the certificate of incorporation, the by-laws or a contract between him and the association. Such provision shall be valid and enforceable in an action brought by the association against a member. Amended by L.1966, c. 286, s. 25.
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Nearby Sections
15
§ 4:13-1
Definitions§ 4:13-11
Dissolution of associations§ 4:13-12
General corporation laws to govern§ 4:13-16
General powers of association§ 4:13-17
First meeting§ 4:13-19
Board of directors§ 4:13-2
Incorporation§ 4:13-20
Officers