15A:14-24 - Reorganization under act of congress; implementation of plan of reorganization - New Jersey Statutes

15A:14-24.  Reorganization under act of congress;  implementation of plan of  reorganization
    a.  A corporation shall have the power to do any act required or permitted by a plan of reorganization in order to put the plan in effect according to its  terms.

    b.  The power conferred by subsection a. of this section shall be exercised  by the trustee or trustees, or other person or persons acting in similar  capacities, appointed in the reorganization proceeding resulting in the plan of  reorganization, or, if none be then acting, by any other person or persons  designated or appointed for that purpose in the organization proceeding, or, if  no other person or persons be then acting, by an officer or officers of the  corporation.

    c.  The exercise of the power to put in effect a plan of reorganization by those designated in subsection b. of this section shall have the same effect as  if done with the unanimous consent of the trustees and the members.

     L.1983, c. 127, s. 15A:14-24, eff. Oct. 1, 1983.