17:25-6 - Amount paid into state treasury; scrip deemed retired - New Jersey Statutes

17:25-6.  Amount paid into state treasury;  scrip deemed retired
    Upon filing with the state treasurer the statement from the commissioner, the company may pay into the treasury of this state the amount of contribution to the capital of the company evidenced by the scrip or certificates, with all interest or dividends thereon declared to be due and payable and held by the company for the benefit of each owner, and interest at the rate of six per cent  per annum on the amount so contributed from the last date of any declaration of  interest or dividend thereon to the date of the payment into the state  treasury.  The state treasurer shall receive the money and hold it for the  benefit of the unknown owner. Thereupon the scrip or certificates shall be  deemed to be retired and all rights of the owner thereof against the company  shall be transferred to the money in the hands of the state treasurer, and no  action based upon the contributions to the capital of the company or upon the  scrip shall thereafter be maintained by the holder or owner thereof against the company.