18A:16-22 - Validation of contracts executed prior to act - New Jersey Statutes

18A:16-22.  Validation of contracts executed prior to act
    a.  Contracts executed between a local board of education and an authorized  insurer prior to the effective date of this act are hereby confirmed and  validated until the contract anniversary next following the first anniversary  of said date when such contracts, exclusive of group life insurance, will have  to be conformed to the provisions of this act.

    b.  It shall not be a defense to the payment or satisfaction of any claim for benefits under any contract or policy hereby confirmed and validated that such contract or policy was ultra vires, improperly entered into or otherwise not authorized by law.

     L.1979, c. 391, s. 11, eff. Feb. 6, 1980.