42:3-25 - Injunctive relief - New Jersey Statutes

42:3-25.  Injunctive relief
    The court may proceed in the action in a summary manner or otherwise. If it  shall appear to the court that the association has become insolvent and is not  about to resume its business in a short time thereafter, or that its business  has been and is being conducted at a great loss and greatly prejudicial to the  interests of its creditors or members, so that its business cannot be conducted  with safety to the public and advantage to the members, it may provide  injunctive relief to restrain the association, and its officers and agents,  from exercising any of its privileges or franchises and from collecting or  receiving any debts, or paying out, selling, assigning or transferring any of  its estate, moneys, funds, lands, tenements or effects, except to a receiver  appointed by the court, until the court shall otherwise order.

     Amended by L.1953, c. 40, p. 764, s. 15, eff. March 19, 1953.