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Code · New Jersey · Title 52 — Savings and Loan Associations [Repealed] · Chapter 14C

52:14C-7. Effective date of reorganization plan

187 words·~1 min read·/nj/title-52/chapter-14c/52-14c-7

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(a)Except as otherwise provided by subsections
(b)and
(c)of this section, a reorganization plan shall take effect at the end of a period of 60 calendar days after the date on which the plan is transmitted to the Senate and General Assembly on a day on which both thereof shall be meeting in the course of a regular or special session unless, between the date of transmittal and the end of the 60-day period, the Legislature passes a concurrent resolution stating in substance that the Legislature does not favor the reorganization plan.
(b)Under provisions contained in a reorganization plan, a provision of the plan may be effective at a time later than the date on which the plan otherwise is effective.
(c)A reorganization plan which is not disapproved in the manner provided by subparagraph
(a)of this section shall have the force and effect of law and the Secretary of State shall cause the same to be printed and published in the annual edition of the public laws under a heading of "Reorganization Plans."
L.1969, c. 203, s. 7, eff. Jan. 13, 1970.
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