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17:52-15. Members; obligations |
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New Jersey Statutes (Unannotated) / NEW JERSEY GENERAL AND PERMANENT STATUTES (UPDATED THROUGH P.L.2023, c.228, and J.R.15) / TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE |
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17: 52-15. Members; obligations 17: 52-15. Members; obligations Each member shall, when called upon to do so by the board of directors, lend money to the corporation, but no member shall make any...
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the corporation to exceed 2% of the member's capital and surplus, or $100,000.00, whichever is the lesser. Calls for loans shall be prorated among the members who are subject to such call, according to the ratio which each member's maximum lending capacity, as in this section limited, bears to the aggregate...
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lending capacities of all members. L.1957, c. 218, p. 759, s. 15....
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