14A:14-19. Discontinuance of receivership action
75 words·~1 min read·
/nj/title-14a/chapter-14/14a-14-19·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A receivership action against a corporation may be discontinued at any time when it is established that cause for the action no longer exists. In such event, the court shall dismiss the proceedings and direct the receiver to redeliver to the corporation all its property remaining in his hands. Upon such redelivery, the corporation shall be revested with full rights in such property and in its franchises as if the receiver had not been appointed.