17:50-9 - Power to exchange contracts; insurance of trust property - New Jersey Statutes

17:50-9.  Power to exchange contracts;  insurance of trust property
    (a) Any corporation now or hereafter organized under the laws of this State  shall, in addition to the rights, powers and franchises specified in its  articles of incorporation, have full power and authority as a subscriber to  exchange insurance contracts of the kind and character herein mentioned. The  right to exchange such contracts is hereby declared to be incidental to the  purposes for which such corporations are organized, and as much granted as the  rights and powers expressly conferred.

    (b) All persons, firms or corporations holding property in trust may insure  the same at a reciprocal exchange, and, in their representative capacity, may  assume the liabilities and be entitled to the rights of a subscriber, but such  trustees by so doing, shall not personally or individually be liable under the  power of attorney executed on behalf of the trust.

     L.1945, c. 161, p. 560, s. 9.