17:13-115 - Violation of law, unauthorized actions, or refusal to be examined; institution of court action for possession - New Jersey Statutes

17:13-115.  Violation of law, unauthorized actions, or refusal to be examined;  institution of court action for possession
    Whenever it appears to the commissioner:

    a.  That a credit union has violated its charter or any law of this State; or

    b.  That a credit union is conducting its business in an unsafe or unauthorized manner;  or

    c.  That a credit union has refused to submit its books, papers, records, documents, securities, or anything else to the inspection of the commissioner or his representative;  or

    d.  That any officer or director of a credit union has refused to be examined under oath with respect to the affairs of the credit union or has refused to answer questions under oath or to produce any books, papers, records, documents, securities, or any other thing in his possession, custody or control requested by the commissioner;  or

    e.  That a credit union has suspended payment of its obligations;  or

     f.  That an examination or report provided for by this act discloses facts from which the commissioner shall have reason to conclude that a credit union is in an unsound or unsafe condition to transact business or is insolvent or that it is unsafe or that it is inexpedient for it to continue business;  or

    g.  That a credit union has neglected or refused to observe an order of the  commissioner issued pursuant to this act;

    He shall have the authority to institute an action in the Superior Court or  to take possession of the property and business of the credit union.

     L.1984, c. 171, s. 37, eff. Oct. 31, 1984.