17:48C-3 - Nonprofit corporation; restrictions as to methods of diagnosis and treatment; dissolution - New Jersey Statutes

17:48C-3.  Nonprofit corporation;  restrictions as to methods of diagnosis and treatment;  dissolution
    No dental service corporation shall be converted into a corporation organized for pecuniary profit.  Every such corporation shall be operated for the benefit of the subscribers.  No dental service corporation shall impose any  restrictions as to methods of diagnosis or treatment on dentists who administer  to its subscribers.  The certificate of incorporation or by-laws shall contain  an irrevocable provision that in the event of any dissolution of the  corporation the net assets remaining shall be applied to one or more charitable  or educational purposes, as near as may be to those for which the corporation  was formed, to be selected by a majority of the trustees of the corporation  with the approval of the commissioner;  and in case of the failure or inability  of the trustees to so select, or in case of any disagreement in respect to the  validity of such selection, the same shall be made by the Superior Court by  application of the doctrine of cy pres and other applicable equitable doctrines  in a summary proceeding initiated by one or more trustees, or by any other  person having a substantial interest in the provisions of this section,  including, without limitation, the commissioner or the Attorney General.

     L.1968, c. 305, s. 3, eff. Sept. 26, 1968.