N.J.S.A. 17:12B-70 — Default by directors and officers

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 is the verbatim text of N.J.S.A. 17:12B-70, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.