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17:45-8. Minimum guarantee fund; investment or deposit; replenishment |
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New Jersey Statutes (Unannotated) / NEW JERSEY GENERAL AND PERMANENT STATUTES (UPDATED THROUGH P.L.2023, c.256, and J.R.18) / TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE |
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17: 45-8. Minimum guarantee fund; investment or deposit; replenishment 17: 45-8. Minimum guarantee fund; investment or deposit; replenishment Every such association shall establish a minimum guarantee fund of twelve thousand dollars ($12,000.00). Such fund, if not accumulated prior to January second, one thousand nine hundred and thirty-seven, shall be accumulated by equal cash contributions from all members of...
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the association, who shall number not less than one hundred, before the association may undertake to grant death, sickness or accident disability benefits. Such fund may be held in cash or may be invested in bonds issued by or guaranteed by the government of the United States. The guarantee fund shall be deposited in trust with a bank of this State and funds therefrom shall be disbursed only for the payment of claims for benefits...
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