17:37-3 - Borrowing money - New Jersey Statutes

17:37-3.  Borrowing money
    The directors of any mutual fire insurance company of this State issuing assessable policies may borrow money to an amount not exceeding $25,000.00, for  and on behalf of the company and in its name, to pay losses and expenses for  which the company is liable, and may raise moneys by assessments to pay the  sums so borrowed, in the same manner as they are authorized and directed to  raise money to pay losses.  This limit shall not apply to any mutual fire insurance company issuing nonassessable policies.

     Amended by L.1981, c. 244, s. 1, eff. Aug. 3, 1981.