42:3-13.4 - Dissatisfied member entitled to his interests; procedure - New Jersey Statutes

42:3-13.4.   Dissatisfied member entitled to his interests; procedure 
     4.   If any member of any such limited partnership association shall be dissatisfied with or object to any such renewal or continuance, then the member shall be entitled only to his interest in the association at a price and upon terms to be mutually agreed upon, and in default of such agreement, the price and terms shall be fixed by an appraiser appointed by the Superior Court, subject to the approval of the said court, and upon the payment of the interest as aforesaid, the said member shall transfer his interest to said association, to be disposed of by the managers, or be retained by them for the benefit of the remaining members. 

    L.1963,c.141,s.4; amended 1991,c.91,s.410.