N.J.S.A 17:52-15. Members; obligations

17:52-15. Members; obligations

Each member shall, when called upon to do so by the board of directors, lend money to the corporation, but no member shall make any loan to the corporation in any sum which would cause the amount owing to the member by the corporation to exceed 2% of the member’s capital and surplus, or $100,000.00, whichever is the lesser. Calls for loans shall be prorated among the members who are subject to such call, according to the ratio which each member’s maximum lending capacity, as in this section limited, bears to the aggregate lending capacities of all members.

L.1957, C.218, p. 759, s.15.

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