17:25-2 - Stipulations in stock subscriptions - New Jersey Statutes

17:25-2.  Stipulations in stock subscriptions
    Every subscription to the capital stock of a stock company shall contain the  stipulation that no sum shall be used for commission, promotion or organization  expenses in excess of a per cent of the amount paid upon the stock  subscriptions, to be named in the stipulation, not exceeding fifteen per cent.   Every subscription for stock and every application for insurance in the  company made prior to the granting to the company by the commissioner of the  certificate of authority shall contain the stipulation that the money advanced  by the applicant shall be returned to him without any deduction if the company  fails to complete its organization or procure the certificate or issue the  policy applied for in the application.