N.J.S.A. 17:9A-5

Reserve for organization expense

17:9A-5. Reserve for organization expense Every bank shall, on its organization, establish a fund at least equal to 5% of its capital stock as a reserve fund for organization expense. Organization expense shall mean all lawful expense incurred preliminary to commencement of business. Any unexpended balance in the fund shall be credited to undivided profits. L.1948, c. 67, p. 183, s. 5. Amended by L.1965, c. 171, s. 2.

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This is the verbatim text of N.J.S.A. 17:9A-5, 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.