17B:27A-25.4. Board of directors
85 words·~1 min read·
/nj/title-17b/chapter-27a/17b-27a-25-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
4. The purchasing alliance, which may be a corporation, shall be governed by a board of directors, elected by the members of the purchasing alliance. No person may serve as an officer or director of an alliance who has a prior record of administrative, civil or criminal violations within the financial services industry. The directors shall serve for terms of three years, and shall serve until their successors are elected and qualified. The directors shall serve without compensation, except for reimbursement for actual expenses.
L.2001,c.225,s.4.