17:35-14 - Action to enjoin corporation from transacting further business - New Jersey Statutes

17:35-14.  Action to enjoin corporation from transacting further business
    When the commissioner, upon investigation, is satisfied that any such corporation of this State is insolvent because of matured death claims, or other obligations due and unpaid, exceeding its assets and death assessments or  periodical calls made or in process of collection, or has exceeded its powers,  failed to comply with any provisions of law, or is conducting business  fraudulently, he shall institute an action in the Superior Court to enjoin the  corporation from transacting any further business, and for such other relief as  may be appropriate.  The court may proceed in the action in a summary manner or  otherwise.

     Amended by L.1953, c. 17, p. 271, s. 151.