17:13-116 - Injunctions; receivers; other relief or correction - New Jersey Statutes

17:13-116.  Injunctions;  receivers;  other relief or correction
    In any action instituted in the Superior Court pursuant to section 37 of this act, the court may enjoin the credit union from the transaction of any further business or the transfer or disposal of its property in any manner whatsoever, and the court may appoint a receiver with the power to sue for, collect, receive and take into his possession all of the goods and chattels, rights and credits, moneys and effects, lands and tenements, books, papers, choses in action, bills, notes and property of every description belonging to the credit union and to sell, convey and assign the same and hold and dispose of the proceeds thereof under the direction of the court, or the court may enjoin excessive expenses of management, remove one or more of the officers, directors, employees or agents of the credit union and grant other relief or correction as the facts demand.  The court may proceed in a summary manner or otherwise.

     L.1984, c. 171, s. 38, eff. Oct. 31, 1984.