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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 9a:
Section: 17:9a-5: Reserve for organization expense
Every bank shall, on its organization, establish a fund at least equal to 5\% of its capital stock as a reserve fund for organization expense. Organization expense shall mean all lawful expense incurred preliminary to commencement of business. Any unexpended balance in the fund shall be credited to undivided profits.
L.1948, c. 67, p. 183, s. 5. Amended by L.1965, c. 171, s. 2.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:9a-5 (if available):
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