4:13-28 - Liquidated damages for failure of member to perform - New Jersey Statutes

4:13-28.  Liquidated damages for failure of member to perform
    The by-laws or contract may fix specific sums, in amounts fairly related to  the actual damages ordinarily suffered in like circumstances, to be paid to the  association as liquidated damages by a member who shall fail to perform any  obligation to the association imposed upon him by the certificate of  incorporation, the by-laws or a contract between him and the association. Such  provision shall be valid and enforceable in an action brought by the association against a member.

     Amended by L.1966, c. 286, s. 25.