14A:14-24. Reorganization under act of Congress; implementation of plan of reorganization
151 words·~1 min read·
/nj/title-14a/chapter-14/14a-14-24·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A corporation shall have the power to do any act required or permitted by a plan of reorganization in order to put such plan in effect according to its terms.
(2)The power conferred by subsection
(1)of this section shall be exercised by the trustee or trustees, or other person or persons acting in similar capacities, appointed in the reorganization proceeding resulting in the plan of reorganization, or, if none be then acting, by any other person or persons designated or appointed for such purpose in such organization proceeding, or, if no such other person or persons be then acting, by an officer or officers of the corporation.
(3)The exercise of the power to put in effect a plan of reorganization by those designated in subsection
(2)of this section shall have the same effect as if done with the unanimous consent of the directors and the shareholders.