40:37A-115 - Actions or proceedings; standing of authority; jurisdiction and venue; receiver; reorganizations - New Jersey Statutes

40:37A-115.  Actions or proceedings;  standing of authority; jurisdiction and venue;  receiver;  reorganizations
    The authority may institute any action or proceeding against any qualified housing sponsor receiving a loan under the provisions of this act, or owning any housing project hereunder, in any court of competent jurisdiction to enforce the provisions of this act, or to foreclose its mortgage, or to protect  the public interest, the tenants, the stockholders or creditors of such  sponsor.  In connection with any such action or proceeding, the authority may  apply for the appointment of a receiver to take over, manage, operate and  maintain the affairs of such qualified housing sponsor, and the authority  through such agent as it shall designate is hereby authorized to accept  appointment as receiver of any such sponsor when so appointed by a court of  competent jurisdiction.

    The reorganization of any qualified housing sponsor shall be subject to the  supervision and control of the authority and no such reorganization shall be  had without the consent of the authority.  Upon any such reorganization the  amount of capitalization, including therein all stocks, income debentures and  bonds and other evidence of indebtedness, shall be such as is authorized by the  authority but not in excess of the fair value of the property received.

     L.1979, c. 275, s. 10, eff. Jan. 3, 1980.