17:48A-12. Expenditures in soliciting subscribers
89 words·~1 min read·
/nj/title-17/chapter-48a/17-48a-12A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No corporation subject to the provisions of this chapter shall disburse during any one calendar year more than ten per centum (10%) of the aggregate amount of payments received from subscribers during that year as expenditures for the solicitation of subscribers except that during the first year after the issuance of a certificate of authority such corporation may so disburse not more than twenty per centum (20%) of such amount and during the second year not more than fifteen per centum (15%).
L.1940, c. 74, p. 193, s. 12.