2A:19-47. Removal of assignee and transfer of estate to receiver
96 words·~1 min read·
/nj/title-2a/chapter-19/2a-19-47A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In case a corporation shall, at any time after the making of a general assignment, be adjudged insolvent and a receiver thereof be appointed by the Superior Court, the said court may, whenever it may deem it to the interest of the stockholders or creditors, remove the assignee and direct and compel him to transfer and convey the trust estate in his hands to the receiver to be administered under the direction of said court. The assignee shall thereupon present his accounts to the Superior Court for settlement and allowance.
L.1951 (1st SS), c.344; amended 1991,c.91,s.73.