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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 44b:
Section: 17:44b-5: Purposes of society
5. a. A society shall operate for the benefit of members and their beneficiaries by:
(1) providing benefits as specified in section 16 of this act; and
(2) operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal or religious purposes for the benefit of its members, which may also be extended to others.
These purposes may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations.
b. Every society shall have the power to adopt laws and rules for the government of the society, the admission of its members, and the management of its affairs. It shall have the power to change, alter, add to or amend those laws and rules and shall have those other powers as are necessary and incidental to carrying into effect the objects and purposes of the society.
L.1997,c.322,s.5.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:44b-5 (if available):
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