54:40A-13 - Credit sales of revenue stamps - New Jersey Statutes

54:40A-13.  Credit sales of revenue stamps
    The director, in his discretion, may permit a licensed distributor to pay for revenue stamps within thirty days after the date of purchase; provided, a bond or an irrevocable letter of credit, issued by a State or federally chartered bank, that is satisfactory to the director in an amount not less than  the sales price of such stamps shall have been filed with the director. The  bond, conditioned to secure payment for such stamps, shall be executed by the  licensed distributor, as principal, and by a corporation duly authorized to  engage in business as a surety company in the State of New Jersey, as surety.

     L.1948, c. 65, p. 160, s. 403.  Amended by L.1948, c. 108, p. 567, 2; L.1983, c. 3, s. 1, eff. Jan. 17, 1983.