17:16A-2 - Compliance with law before doing business; liability of directors and corporators for transacting business without certificate of authority - New Jersey Statutes

17:16A-2.  Compliance with law before doing business;  liability of directors and corporators for transacting business without certificate of authority
    Prohibition to do business.  No investment company as defined in this chapter shall undertake the transaction of an investment business in this State  until it shall have complied with the applicable requirements of this chapter  and shall have received a certificate of authority from the Commissioner of  Insurance setting forth that it has complied with the provisions of this  chapter and specifying the kind of business to be transacted by it.  The  directors and corporators of any investment company incorporated under the laws  of this State shall be jointly and severally liable for all obligations  incurred by the company after the effective date of this chapter by reason of  its having transacted such business in this State before it has received a  certificate of authority from the commissioner pursuant to the provisions of  this chapter.

     L.1938, c. 322, p. 817, s. 2.  Amended by L.1970, c. 127, s. 1, eff. July 1, 1970.