17:12B-180 - Conservation orders - New Jersey Statutes

17:12B-180.  Conservation orders
    For the purpose of conserving the assets of a State association and of protecting the interests of its members and the public, the commissioner may require any State association, by an order in writing effective for a period of  90 days, to apply money received by it in the manner provided in section 187 of  this act;  to postpone the payment of all, or any portion of its applications  for withdrawals and maturities as he may deem necessary and expedient, to be  determined by him according to the ability of the State association to pay  withdrawals and maturities so long as such payment does not result in any  discrimination against the interest of the other members of the State  association and to restrict or limit investments thereafter made. Such order  may also prohibit all persons, including members, from instituting suit on any  claim against said State association during said period.  The commissioner may  continue the effectiveness of any such order for additional 90-day periods from  time to time but not for a total period longer than 1 year from the date of the  issuance of the original order.  He may also modify any such order from time to  time within said 1-year period. The making of any such order, or modification  thereof, shall not prohibit the commissioner from proceeding in accordance with  the provisions of sections 181 and 182 of this act.

     L.1963, c. 144, s. 180.