17:44B-12 - Establishment of not-for-profit institutions - New Jersey Statutes

17:44B-12.  Establishment of not-for-profit institutions12.  a.  A society may create, maintain and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by paragraph (2) of subsection a. of section 5 of this act.  These institutions may furnish services free or at a reasonable charge.  Any real or personal property owned, held or leased by the society for this purpose shall be reported in every annual statement but may not be allowed as an admitted asset of the society.

b.No society shall own or operate funeral homes or undertaking establishments.

L.1997,c.322,s.12.