N.J.S.A. 17:52-16 — Members; termination of membership

17:52-16. Members; termination of membership Any member may withdraw from membership at the expiration of 3 months from the date when written notice of intention to withdraw is given to the board of directors. At the expiration of the period of the notice, the member shall be relieved of any further obligation to lend funds to the corporation, except to the extent necessary to fulfill commitments made by the corporation prior to the date when withdrawal is effective. L.1957, c. 218, p. 760, s. 16.

This is the verbatim text of N.J.S.A. 17:52-16, 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.