N.J. Stat. § 17:9A-5

Current through L. 2023, c. 200.

Section 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.

N.J.S. § 17:9A-5

L.1948, c.67, p.183, s.5; amended by L.1965, c.171, s.2.