17:30B-6 - Board of directors; treasurer; bonds - New Jersey Statutes

17:30B-6.  Board of directors;  treasurer;  bonds
    a.  The board of directors of an association shall consist of not less than  five nor more than nine members serving terms as established in the plan of  operation hereinafter described.  All directors of the board shall be appointed  by the commissioner, after consultation with the members of the association,  from and among the officers of the members of the association. Vacancies on  the board shall be filled for the remaining period of the term by the  commissioner in the same manner.

    b.  The commissioner shall also appoint a treasurer who shall serve as the custodian of each association fund.

    c.  Each director of the association shall execute a bond to be conditioned  upon the faithful performance of the duties of such director in such form and  amount as may be prescribed by the commissioner.  Such bonds shall be filed in  the office of the Secretary of State.  At all times thereafter the directors  and treasurer of the association shall maintain such bonds in full force and  effect.  All costs of such bonds shall be borne by the association.

     L.1974, c. 106, s. 6, eff. Sept. 19, 1974.