15A:3-3. Contributions by corporations
173 words·~1 min read·
/nj/title-15a/chapter-3/15a-3-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
a. Any corporation, unless otherwise provided in its certificate of incorporation or bylaws, and subject to the purposes specified in its certificate of incorporation, may, irrespective of corporate benefit, aid, singly or in cooperation with other corporate entities and with natural persons, in the creation or maintenance of institutions or organizations engaged in activities for the purpose of which a corporation may be organized under this act; including institutions or organizations engaged in community fund, hospital, charitable, philanthropic, educational, scientific or benevolent activities or patriotic or civic activities conducive to the betterment of social and economic conditions.
The trustees may appropriate, spend or contribute for the purposes reasonable sums as they may determine.
b. The provisions of this section shall not be construed as directly or indirectly minimizing or interpreting the rights and powers of corporations, provided for prior to the effective date of this act, with reference to appropriations, expenditures or contributions of the nature set forth in subsection a. of this section.
L.1983, c. 127, s. 15A:3-3, eff. Oct. 1, 1983.