New Jersey Statutes 17:48E-59. Conversion effective; conditions
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Terms Used In New Jersey Statutes 17:48E-59
- 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.
11. The conversion shall be effective at midnight on the date provided for in the certificate of incorporation of the converted insurer or such other time as the commissioner may agree. On or prior to the effective time of the conversion, the health service corporation shall file with the commissioner a certificate stating that:
a. all the conditions set forth in the order of the commissioner issued pursuant to section 4 of this act have been satisfied;
b. he commissioner has issued the order required under section 5 of this act and all the conditions set forth in that order have been satisfied;
c. the board of directors of the health service corporation has not abandoned or amended the plan of conversion pursuant to section 12 of this act; and
d. the foundation has been established in the manner approved by the Superior Court pursuant to section 19 of this act and at least a majority of the directors of the foundation have been appointed.
L.2001,c.131,s.11.