42:6-7 - Assessments on members to pay claims - New Jersey Statutes

42:6-7.  Assessments on members to pay claims
    If it shall appear by the report filed by the receivers or trustees that the  assets of the association are insufficient to pay its debts and the expenses  attending the winding up of the same, the court may assess against each member  thereof a sum to be paid by him to the receivers or trustees in liquidation of  such indebtedness.  In making the assessment, the court may inquire into the  solvency or ability of the members to pay the same, in order to assess  sufficient moneys to pay all claims.  If a sufficient amount to pay all claims  is not assessed at one time, the court may, from time to time, make additional  assessments, until an amount sufficient to satisfy all claims is obtained.

     Amended by L.1953, c. 40, p. 768, s. 41, eff. March 19, 1953.