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Does the foundation have to use the proceeds of a health service corporation’s conversion to improve New Jersey’s health care system?

April 26, 2017conversion corporation foundation Health health care NEW JERSEY proceeds service system

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Does the foundation have to use the proceeds of a health service corporation’s conversion to improve New Jersey’s health care system?

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The conversion law states the money generated by a conversion must be used for “purposes of expanding access to affordable, quality health care for underserved individuals and promoting fundamental improvements in the health status of all New Jerseyans.”