Rutgers Law

New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

    Chapter 52: Business development corporations; purposes

      Section: 17:52-2: Certificate of incorporation; contents

           A. The persons desirous of creating a business development corporation shall execute and acknowledge a certificate of incorporation stating

(a) the name by which the corporation shall be known, which shall include the words "Business Development Corporation;"

(b) the location, described by street, number, municipality and county, of the principal office of the corporation;

(c) the name of the agent in charge of the principal office of the corporation, upon whom service of process against the corporation may be served;

(d) the amount of the authorized capital stock of the corporation;

(e) the par value of each share of stock of the corporation, which shall be not less than $10.00;

(f) the amount of the capital stock with which the corporation will commence business, which shall be not less than $100,000.00;

(g) the names and addresses of the incorporators, and the number of shares subscribed for by each;

(h) the names and addresses of the corporations, as limited by section 14 of this act, which have undertaken in writing to become members of the business development corporation, and the aggregate amount which such members are required to lend to the corporation, which shall be not less than $100,000.00;

(i) such other provisions, not inconsistent with this act, or with the provisions of Title 14, Corporations, General, of the Revised Statutes as the incorporators may choose to insert for the management of the business and the conduct of the affairs of the corporation.

B. Each certificate of incorporation of a business development corporation shall contain a statement that it is incorporated under the provisions of the Business Development Corporation Act of 1957. No certificate of incorporation of a business development corporation shall be required to contain a statement of its powers or purposes.

L.1957, c. 218, p. 753, s. 2.



This section added to the Rutgers Database: 2013-06-10 16:36:30.

Older versions of 17:52-2 (if available):

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