17:52-15 - Members; obligations - New Jersey Statutes

17:52-15.  Members;  obligations
    Each member shall, when called upon to do so by the board of directors, lend  money to the corporation, but no member shall make any loan to the corporation  in any sum which would cause the amount owing to the member by the corporation  to exceed 2% of the member's capital and surplus, or $100,000.00, whichever is  the lesser.  Calls for loans shall be prorated among the members who are  subject to such call, according to the ratio which each member's maximum  lending capacity, as in this section limited, bears to the aggregate lending  capacities of all members.

     L.1957, c. 218, p. 759, s. 15.