17:12B-270. Dissolution and liquidation of capital stock association
112 words·~1 min read·
/nj/title-17/chapter-12b/17-12b-270·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the case of the dissolution and liquidation of a capital stock association, the procedure shall be as set forth in Article XVIII of this act, except that the word "member" shall be either inclusive of stockholders of a capital stock association or shall be construed to mean stockholder wherever appropriate to the context. In the event of the dissolution and liquidation of a capital stock association, no liquidating dividend to the stockholders of the capital stock association shall be made until all liabilities of the capital stock association, including the withdrawal value of all accounts and deposits, have been satisfied in full.
L.1974, c. 137, s. 41, eff. Oct. 23, 1974.