New Jersey Statutes 26:18-25. Authorized purposes, form, assume control, nonprofit entities
Terms Used In New Jersey Statutes 26:18-25
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
A nonprofit entity established pursuant to this section may be established pursuant to the provisions of the “New Jersey Nonprofit Corporation Act,” N.J.S. 15A:1-1 et seq.
b. A nonprofit entity established or over which control is assumed pursuant to this section shall have the power to:
(1) conduct fundraising activities to solicit funding from public and private organizations to be used in support of maternal and infant health services, social services, perinatal workforce development, education, research, and innovation in the State; and
(2) establish, sponsor, and operate membership, including the ability to generate revenue from members of the nonprofit entity.
c. The board and any nonprofit entities created or over which control is assumed by the board pursuant to this section may enter into any agreements necessary to provide for the establishment, operation, and financial support of the authority and each nonprofit entity.
d. A nonprofit entity established or over which control is assumed pursuant to this section may be organized and operated in such a manner as to be eligible under applicable federal law for tax-exempt status and for the receipt of tax-deductible contributions.
e. A nonprofit entity established or over which control is assumed pursuant to this section shall be authorized to sue and to be sued as a legal entity separate from the State of New Jersey.
f. No member or employee of a nonprofit established or over which control is assumed pursuant to this section shall engage in any for-profit business transaction or professional activity with the authority.
g. All funds received by a nonprofit entity formed or over which control is assumed pursuant to this section, other than those necessary to pay for the expenses of the nonprofit entity, shall be used exclusively for the support of the authority.
L.2023, c.109, s.9.