17:12B-190. Dissolution; Liquidation; Action by members
226 words·~1 min read·
/nj/title-17/chapter-12b/17-12b-190·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the commissioner determines that it is for the best interest of the members and the public that the State association be dissolved and liquidated, he shall,
(a)If the State association is an insured association proceed pursuant to the provisions of section 218 of this act, or
(b)If the State association is not an insured association, after paying all claims which have been proved and allowed against the State association, call a meeting of the members on 10 days' notice, stating the object thereof, at which the members shall determine whether the affairs of the State association shall be managed and directed, during the liquidating period, by the commissioner or by 3 trustees, who shall be members and who shall be elected at such members' meeting. All questions submitted to the members at such meeting shall be decided by a majority of the votes cast, in person or by proxy.
Upon the adoption of such resolution by the members, the State association shall be deemed to be dissolved and it shall be liquidated in accordance with the provisions of Article XVIII.
The commissioner or the trustees, as the case may be, shall have all the powers and duties conferred and imposed upon trustees by the provisions of Article XVIII, and subject to such restrictions as may therein be contained.
L.1963, c. 144, s. 190.