17:12B-179 - Grounds for action by commissioner - New Jersey Statutes

17:12B-179.  Grounds for action by commissioner
    Revocation of authority to transact business.  If it shall appear to the commissioner that the interests of the creditors or members of a State association are being jeopardized because the State association has violated any law of this State or any of its by-laws, or because it is conducting its business in an unsafe or unauthorized manner;  or if the State association refuses to submit its books, papers and concerns to the inspection of the commissioner, or an examiner appointed by him;  or if an officer or director refuses to be examined on oath or affirmation regarding the affairs of a State association;  or if a State association suspends payment of its creditor obligations;  or if any application for withdrawal shall remain unpaid in whole  or in part for a period of more than 90 days after it shall have been filed;   or if, as a result of any examination or from any report made to him, the  commissioner has reason to conclude that the State association is in an unsound  or unsafe condition to transact business;  or that its capital is impaired;  or  that it is unsafe or inexpedient for it to continue business; or if it  neglects or refuses to comply with any order issued by the commissioner  pursuant to section 178 of this act, the commissioner may proceed in the manner  provided in sections 180, 181 and 182 of this act, or any one or more of said  sections.

     L.1963, c. 144, s. 179.