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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 44b:
Section: 17:44b-12: Establishment of not-for-profit institutions
12. a. A society may create, maintain and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by paragraph (2) of subsection a. of section 5 of this act. These institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held or leased by the society for this purpose shall be reported in every annual statement but may not be allowed as an admitted asset of the society.
b. No society shall own or operate funeral homes or undertaking establishments.
L.1997,c.322,s.12.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:44b-12 (if available):
Court decisions that cite this statute:
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