N.J.S.A. 17:13-96 — Chairman of board; officers; compensation; bond of officers; duties

17:13-96. Chairman of board; officers; compensation; bond of officers; duties The board of directors or the members, as provided by the bylaws, shall elect a chairman, who shall be a member of the board, a vice chairman, a secretary, and a treasurer, who shall hold their offices at the pleasure of the board or of the members, as the case may be. Officers and members of committees may be compensated for their services as provided for in the bylaws. The commissioner may, at any time, order the compensation reduced if in his judgment it is excessive. The board shall require any officer or employee having custody of or handling funds to give bond with good and sufficient surety in an amount and character to be determined by the board in compliance with regulations prescribed by the commissioner. The commissioner shall promulgate rules and regulations establishing the duties of directors. L.1984, c. 171, s. 18, eff. Oct. 31, 1984.

This is the verbatim text of N.J.S.A. 17:13-96, 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.