17:52-16. Members; termination of membership
80 words·~1 min read·
/nj/title-17/chapter-52/17-52-16A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any member may withdraw from membership at the expiration of 3 months from the date when written notice of intention to withdraw is given to the board of directors. At the expiration of the period of the notice, the member shall be relieved of any further obligation to lend funds to the corporation, except to the extent necessary to fulfill commitments made by the corporation prior to the date when withdrawal is effective.
L.1957, c. 218, p. 760, s. 16.