17:48-2 - Operation as non-profit corporation; who may operate hospital service plan; certificate of authority - New Jersey Statutes

17:48-2.  Operation as non-profit corporation;  who may operate hospital service plan;  certificate of authority
    No hospital service corporation shall be converted into a corporation organized for pecuniary profit.  Every such corporation shall be operated for the benefit of the subscribers with whom it has contracted to provide hospital service.  No person, firm, association or corporation, other than a hospital service corporation, or an insurance company authorized to transact the kinds of insurance specified in subdivisions c or d of section 17:17-1 of the Revised  Statutes shall establish, maintain or operate a hospital service plan or  otherwise contract in this State with persons to furnish hospital service. No  hospital service corporation shall solicit subscribers or enter into any contract with any subscriber until it has received from the Commissioner of Banking and Insurance a certificate of authority to do so.

     L.1938, c. 366, p. 924, s. 2.