17:9A-5 - Reserve for organization expense - New Jersey Statutes

17:9A-5.  Reserve for organization expense    Every bank shall, on its organization, establish a fund at least equal to 5%  of its capital stock as a reserve fund for organization expense. Organization  expense shall mean all lawful expense incurred preliminary to commencement of  business.  Any unexpended balance in the fund shall be credited to undivided  profits.

     L.1948, c. 67, p. 183, s. 5.  Amended by L.1965, c. 171, s. 2.