N.J.S.A. 17:48A-12 — Expenditures in soliciting subscribers

17:48A-12. Expenditures in soliciting subscribers No corporation subject to the provisions of this chapter shall disburse during any one calendar year more than ten per centum (10%) of the aggregate amount of payments received from subscribers during that year as expenditures for the solicitation of subscribers except that during the first year after the issuance of a certificate of authority such corporation may so disburse not more than twenty per centum (20%) of such amount and during the second year not more than fifteen per centum (15%). L.1940, c. 74, p. 193, s. 12.

This is the verbatim text of N.J.S.A. 17:48A-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.