17:16A-19. Domestic investment companies; insolvency; suspension of business and other acts; receiver; injunction
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/nj/title-17/chapter-16a/17-16a-19·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When any investment company of this State shall become insolvent or shall suspend its ordinary business for want of funds to carry on the same, or when the commissioner shall ascertain, as a result of examination as authorized by this chapter, or in any other manner, that any company is exceeding its powers, or violating the law, or that its condition or methods of business are such as to render the continuance of its operations hazardous to the public or its creditors, or that the assets of the company are less than its liabilities including capital and all reserve funds required by the provisions of this chapter, the commissioner may institute an action in the Superior Court to enjoin the company from the transaction of any further business, or the transfer or disposal of its property in any manner whatsoever, and the court may appoint a receiver, with power to sue for, collect, receive and take into his possession all the goods and chattels, rights, and credits, moneys and effects, lands and tenement, books, papers, choses in action, bills, notes and property of every description belonging to such company, and sell and convey and assign the same, and hold and dispose of the proceeds thereof under the directions of the court.
The court may proceed in the action in a summary manner or otherwise.
L.1938, c. 322, p. 832, s. 19. Amended by L.1953, c. 17, p. 232, s. 102.