3B:11-35 - Settlement, dissolution, merger - New Jersey Statutes

3B:11-35.    Settlement, dissolution, merger
    The board shall settle a community trust by filing a final accounting in the Superior Court.  In addition, at any time prior to the settlement of the final account, the board, the Secretary of State, or the Attorney General may bring an action for the dissolution of a nonprofit corporation in the Superior Court for the purpose of terminating the trust or merging it with another charitable trust.

   No trustee or any private individual shall be entitled to share in the distribution of any of the trust assets upon dissolution, merger, or settlement of the community trust.  Upon dissolution, merger, or settlement, the Superior Court shall distribute all of the remaining net assets of the community trust in a manner that is consistent with the purposes of this act.

   L. 1985, c. 424, s. 17.