N.J.S.A. 17:44B-12 — Establishment of not-for-profit institutions

17:44B-12. Establishment of not-for-profit institutions 12. a. A society may create, maintain and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by paragraph (2) of subsection a. of section 5 of this act. These institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held or leased by the society for this purpose shall be reported in every annual statement but may not be allowed as an admitted asset of the society. b. No society shall own or operate funeral homes or undertaking establishments. L.1997,c.322,s.12.

This is the verbatim text of N.J.S.A. 17:44B-12, 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.