17:16A-19 - Domestic investment companies; insolvency; suspension of business and other acts; receiver; injunction - New Jersey Statutes

17:16A-19.  Domestic investment companies;  insolvency;  suspension of business and other acts;  receiver;  injunction    When any investment company of this State shall become insolvent or shall suspend its ordinary business for want of funds to carry on the same, or when the commissioner shall ascertain, as a result of examination as authorized by this chapter, or in any other manner, that any company is exceeding its powers,  or violating the law, or that its condition or methods of business are such as  to render the continuance of its operations hazardous to the public or its  creditors, or that the assets of the company are less than its liabilities  including capital and all reserve funds required by the provisions of this  chapter, the commissioner may institute an action in the Superior Court to  enjoin the company 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 power to sue for, collect, receive and take into  his possession all the goods and chattels, rights, and credits, moneys and  effects, lands and tenement, books, papers, choses in action, bills, notes and  property of every description belonging to such company, and sell and convey  and assign the same, and hold and dispose of the proceeds thereof under the  directions of the court.  The court may proceed in the action in a summary  manner or otherwise.

     L.1938, c. 322, p. 832, s. 19.  Amended by L.1953, c. 17, p. 232, s. 102.