46:8A-27 - Incorporation - New Jersey Statutes

46:8A-27.  Incorporation
    Nothing herein contained shall prohibit any council of co-owners from incorporating pursuant to the provisions of Title 14 of the Revised Statutes for the purpose of the administration of the building constituted into a horizontal property regime.  In the event of any such incorporation, the percentage of stock interest of each co-owner in the corporation shall be equal  to the percentage of his right to share in the common elements as computed in  accordance with the provisions of section 6 of this act.

     L.1963, c. 168, s. 27.