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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 52: Business development corporations; purposes
Section: 17:52-16: Members; termination of membership
Any member may withdraw from membership at the expiration of 3 months from the date when written notice of intention to withdraw is given to the board of directors. At the expiration of the period of the notice, the member shall be relieved of any further obligation to lend funds to the corporation, except to the extent necessary to fulfill commitments made by the corporation prior to the date when withdrawal is effective.
L.1957, c. 218, p. 760, s. 16.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:52-16 (if available):
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