48:12-149. Return to receiver of insolvent railroad money deposited with state treasurer
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/nj/title-48/chapter-12/48-12-149A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the Superior Court or a court of competent jurisdiction has adjudged a railroad company to be insolvent and appointed a receiver to wind up its affairs, the Superior Court or such court may, upon petition of such receiver and upon such notice as the Superior Court or court may require, order the State Treasurer to pay to the receiver any money of the company deposited with the State Treasurer at the time of its organization, or such part thereof as may remain on deposit.
Upon the making of such order the State Treasurer shall pay the money so deposited, or such part thereof as may remain in his hands, to the receiver who shall, after paying his expenses, distribute the balance to such creditors or stockholders as may by law be entitled to receive the same.
Amended by L.1962, c. 198, s. 156.