17:12B-70 - Default by directors and officers - New Jersey Statutes

17:12B-70.  Default by directors and officers
    No person who is in default for a period of more than 3 months in the payment of any obligation to an association, shall be elected as an officer or director of such association.  If any officer or director defaults for a period  of more than 3 months in the payment of any obligation to his association, his  office shall thereupon automatically become vacant and he shall not become  eligible to any office again until after the expiration of his then existing  term of such office.

     L.1963, c. 144, s. 70.