17:30D-6 - Temporary board of directors; powers and responsibilities - New Jersey Statutes

17:30D-6.  Temporary board of directors;  powers and responsibilities
    Within 30 days after the effective date of this act, the commissioner shall  call an organization meeting of the association for the purpose of constituting  a temporary board of directors.  The commissioner shall appoint nine members to  serve as members of the board of directors after consultation with all the  members of the association, and in making such appointments he shall give due  consideration to the various methods of operation and the distribution by class  of risks among the members.

    The commissioner shall appoint three representatives of licensed producers to be members of the board of directors.

    Each member of the board of directors shall be entitled to one vote. The producer representatives on the board of directors shall be eligible to vote on  all matters not directly involving the association's budget and personnel administration.

    Except as may be delegated to others in the plan of operation or reserved to  the members, the board of directors shall have full power and responsibility  for the establishment and operation of the association.

     L.1975, c. 301, s. 6, eff. Jan. 30, 1976.