17:30D-6. Temporary board of directors; powers and responsibilities
179 words·~1 min read·
/nj/title-17/chapter-30d/17-30d-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Within 30 days after the effective date of this act, the commissioner shall call an organization meeting of the association for the purpose of constituting a temporary board of directors. The commissioner shall appoint nine members to serve as members of the board of directors after consultation with all the members of the association, and in making such appointments he shall give due consideration to the various methods of operation and the distribution by class of risks among the members.
The commissioner shall appoint three representatives of licensed producers to be members of the board of directors.
Each member of the board of directors shall be entitled to one vote. The producer representatives on the board of directors shall be eligible to vote on all matters not directly involving the association's budget and personnel administration.
Except as may be delegated to others in the plan of operation or reserved to the members, the board of directors shall have full power and responsibility for the establishment and operation of the association.
L.1975, c. 301, s. 6, eff. Jan. 30, 1976.