New Jersey § 17:12b-23

§ 17:12b-23.

If the incorporators fail to complete the organization of a State association and

to cause it to commence business within 6 months from the date when authority is granted

to them to do so, the said certificate of incorporation shall ipso facto become null

and void; except that, for good cause shown, the commissioner may, in his discretion,

on application of the State association extend for additional periods, not in excess

of 6 months each, the time within which such State association may complete its organization

and commence business provided that the initial application shall be made before the

expiration of 6 months from the date authority is granted to commence business and

any subsequent application shall be made before the expiration of any subsequent period

for which permission to extend has been granted by the commissioner.