13:1E-76 - Discontinuation of conservatorship action; disposition of securities issued by former or suspended registrant; inapplicability to powers of conservator - New Jersey Statutes

13:1E-76.  Discontinuation of conservatorship action;  disposition of securities issued by former or suspended registrant;  inapplicability to powers  of conservator    a.  The commission shall direct the discontinuation of any conservatorship action instituted pursuant to section 21 of this act when the conservator has, pursuant to section 22 of this act and with the prior approval of the commission, consummated the sale, assignment, conveyance or other disposition in bulk of all the property of the former registrant relating to the major hazardous waste facility.

    b.  The commission may direct the discontinuation of any such conservatorship action when it determines that for any reason the cause for which action was instituted no longer exists.

    c.  Upon the discontinuation of the conservatorship action and with the approval of the commission, the conservator shall take such steps as may be necessary in order to effect an orderly transfer of the property of the former or suspended registrant.

    d.  The sale, assignment, transfer, pledge or other disposition of the securities issued by a former or suspended registrant during the pendency of a conservatorship action instituted pursuant to this act shall neither divest, have the effect of divesting, nor otherwise affect the powers conferred upon a conservator by this act.

     L.1981, c. 279, s. 28, eff. Sept. 10, 1981.