40:14B-32 - Receivers - New Jersey Statutes

40:14B-32.  Receivers
    If the bond resolution of a municipal authority authorizing or providing for  the issuance of a series of its bonds shall provide in substance that the holders of the bonds of such series shall be entitled to the benefits of section 31 of this act and shall further provide in substance that any trustee appointed pursuant to said section or having the powers of such a trustee shall  have the powers provided by this section, then such trustee, whether or not all  of the bonds of such series shall have been declared due and payable, shall be  entitled as of right to the appointment of a receiver of the utility system,  and such receiver may enter upon and take possession of the utility system and,  subject to any pledge or contract with the holders of such bonds, shall take  possession of all moneys and other property derived from or applicable to the  acquisition, construction, operation, maintenance or reconstruction of the  utility system and proceed with such acquisition, construction, operation,  maintenance or reconstruction which the municipal authority is under any  obligation to do, and operate, maintain and reconstruct the utility system and  fix, charge, collect, enforce and receive the service charges and all system  revenues thereafter arising subject to any pledge thereof or contract with the holders of such bonds relating thereto and perform the public duties and carry  out the contracts and obligations of the municipal authority in the same manner  as the municipal authority itself might do and under the direction of the  court.

     L.1957, c. 183, p. 660, s. 32, eff. Aug. 22, 1957.