17:12B-185 - Powers of commissioner in possession - New Jersey Statutes

17:12B-185.  Powers of commissioner in possession
    The commissioner shall have full and complete powers necessary to enable him  to determine promptly and efficiently whether it is for the best interests of  the State association's creditors, members and the public that it be continued  as a going concern or that it be merged, reorganized or dissolved and  liquidated.  Without limiting the generality of his powers, he shall have power  to:

     (a) Continue the operation of the State association's business.

      (b) Conserve its assets and business.

      (c) Pay its debts and operating expenses.

      (d) Collect moneys due to it.

      (e) Compromise and settle claims by and against it.

      (f) Exercise any power conferred by this chapter on the State association or its board.

      (g) Call meetings of its members.

      (h) Declare the association closed under State law or take whatever other action he deems necessary to assist the Federal Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation to exercise their powers under Federal law.

     L.1963, c. 144, s. 185.  Amended by L.1981, c. 287, s. 3, eff. Sept. 11, 1981.