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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

    Chapter 12b: Construction as revision of prior laws

      Section: 17:12b-72: Limitation of expenses

           The aggregate amount of an association's expenses in any fiscal year for the compensation of officers, employees and directors and for premiums, contributions, or other expenditures made in connection with retirement, life insurance, disability, hospitalization or other like benefits for officers and employees and rent for the association's office, shall not exceed 2\% of the association's assets at the end of its last preceding fiscal year. This section shall not apply to an association whose assets were less than $100,000.00 at the end of its last preceding fiscal year.

L.1963, c. 144, s. 72.



This section added to the Rutgers Database: 2013-06-10 16:36:30.






Older versions of 17:12b-72 (if available):



Court decisions that cite this statute: CLICK HERE.