17:48C-31 - Grants or allocation of funds - New Jersey Statutes

17:48C-31.  Grants or allocation of funds
    A dental service corporation may receive and accept from any governmental agencies, Federal, State or local, any grant or allocation of funds for the purpose of providing payment for dental services to eligible persons under such  terms or conditions as shall be specified by such agency.  Any dental service  corporation may in its discretion accept the grant of funds from private  agencies, corporations, associations, groups of individuals or individuals for  the purpose of providing dental services to needy persons under such conditions  as shall be satisfactory to such persons or organizations and to the  corporation.  All funds received under such grants shall be segregated in a  separate fund or funds to be used for the purposes agreed upon.  Neither the  income from subscribers to the corporation, nor the assets accumulated from  income received from subscribers shall be available for the payment of any  obligations assumed by the corporation under such grants, nor shall any funds  received through such grants be available for the payment of the obligations  assumed by the corporation under its subscription certificates.  The authority  of the commissioner under the provisions of this act shall not extend to funds received under such grants except to such extent as is necessary to satisfy him  that the requirements of this act have been complied with.

     L.1968, c. 305, s. 31, eff. Sept. 26, 1968.