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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 12b: Construction as revision of prior laws
Section: 17:12b-70: Default by directors and officers
No person who is in default for a period of more than 3 months in the payment of any obligation to an association, shall be elected as an officer or director of such association. If any officer or director defaults for a period of more than 3 months in the payment of any obligation to his association, his office shall thereupon automatically become vacant and he shall not become eligible to any office again until after the expiration of his then existing term of such office.
L.1963, c. 144, s. 70.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:12b-70 (if available):
Court decisions that cite this statute:
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