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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 48a:
Section: 17:48a-12: Expenditures in soliciting subscribers
No corporation subject to the provisions of this chapter shall disburse during any one calendar year more than ten per centum (10\%) of the aggregate amount of payments received from subscribers during that year as expenditures for the solicitation of subscribers except that during the first year after the issuance of a certificate of authority such corporation may so disburse not more than twenty per centum (20\%) of such amount and during the second year not more than fifteen per centum (15\%).
L.1940, c. 74, p. 193, s. 12.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:48a-12 (if available):
Court decisions that cite this statute:
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