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Code · New Jersey · Title 17 — Notice and Publication · Chapter 9A

17:9A-157. Application of article

58 words·~1 min read·/nj/title-17/chapter-9a/17-9a-157

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A bank may reorganize in the manner provided by this article if
(1)it is insolvent, or has suspended its business for lack of funds to carry it on, and the commissioner is in possession of its property and business; or
(2)a receiver has been appointed pursuant to section 303.
L.1948, c. 67, p. 293, s. 157.
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