New Jersey § 17:12b-144
Full text of New Jersey New Jersey Statutes § 17:12b-144, with citation guidance and answers to common questions.
§ 17:12b-144.
If funds are on hand for the purpose, any State association may, by resolution of
its board, retire any account by giving at least 30 days' written notice of its intention
so to do, which may be sent by certified mail addressed to the member owning such
account at his address appearing on the records of the State association. Such notice shall identify the account; state the retirement date and the retirement
value, and include a statement that said account will not participate in any dividend
declared after such retirement date and that no interest or other income will accrue
thereon. From and after such retirement date, the member owning such account shall cease
to be a member and shall have no further rights or liabilities of membership with
respect to such account. In the case of the retirement of an installment share account upon which the required
payments are in arrears for 6 successive months, the retirement value shall be the
withdrawal value as of the date of the passage of such resolution. In the case of the retirement of any other account, the retirement date shall be
some date upon which dividends are credited and the retirement value shall be the
participation value, including the dividend credited to such account on the retirement
date. The member owning such an account shall be entitled to receive full payment of such
retirement value by demanding the same on such retirement date or at any time thereafter
by surrendering to the State association his account book, membership certificate,
share certificate or such other evidence of the account as may have been issued. A State association may pay such retirement value without awaiting a demand for
payment. No State association shall retire any account when it has applications for withdrawal
which are unpaid in whole or in part. No State association shall retire an account of any of its officers or directors
where such retirement shall operate to disqualify such officer or director from holding
his office in the State association. If such retirement value is not paid or demanded within 30 days after such retirement
date, it shall be transferred to a retirement account and there remain to the credit
of the person owning such account subject to his right to demand payment thereof,
and to the State association's right to pay the same, in accordance with the provisions
of this section.
Frequently Asked Questions About New Jersey § 17:12b-144
What does New Jersey Statutes § 17:12b-144 cover?
Section 17:12b-144 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:12b-144?
A common citation format is "New Jersey Statutes § 17:12b-144" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:12b-144 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.