New Jersey Statutes 17:16G-7. Board of directors of agency
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Terms Used In New Jersey Statutes 17:16G-7
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Every nonprofit social service agency or nonprofit consumer credit counseling agency licensed under this act shall establish a board of directors whose function shall be to establish the policies of such agency. No more than 40% of the members of the board of directors shall have as their principal employer any corporation, association or institution which offers credit to the general public.
L.1979, c. 16, s. 7, eff. Feb. 8, 1979.