17:12B-139 - Rotation plan - New Jersey Statutes

17:12B-139.  Rotation plan
    If any State association operating under any plan other than Plan I, as defined in section 76 of this act, shall find that within the first 10 days of any fiscal month, the funds of such State association, available for the payment of withdrawals, in accordance with the provisions of section 138 of this act, shall be insufficient to pay in full all withdrawal applications which shall have been filed with it on or before the first day of its preceding  fiscal month, each such withdrawal application shall be paid in the order in  which it was filed, $50.00 on account, or the balance due thereon, whichever is  less;  and, if the available funds are sufficient to make more than one such  payment upon each such application, such rotating payment process shall be  repeated until the available funds are exhausted. Each month thereafter the  rotation payments shall begin with the application next following the one upon  which the last preceding rotation payment was made. So long as such State  association is operating upon the rotation payment plan, no member shall have  more than one withdrawal application on file at a time.  Any State association  operating under the provisions of this section shall immediately notify the  commissioner of such operation.

     L.1963, c. 144, s. 139.