17:12B-229. Definition of liquidation
69 words·~1 min read·
/nj/title-17/chapter-12b/17-12b-229·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this act, liquidation shall include the winding up and settlement of the business and affairs of an association, the liquidation of its assets, the payment and satisfaction of its debts and obligations and the expenses of its liquidation, the distribution of its surplus assets to its members pro rata and the management and direction of its affairs during the liquidating period.
L.1963, c. 144, s. 229.