52:27-40 - Filing of petition by political subdivision; approval of commission - New Jersey Statutes

52:27-40.  Filing of petition by political subdivision;  approval of commission
    Any county, municipality, school district or other political subdivision of  this State, hereinafter in this article referred to as  "political subdivision,"  shall have power to file a petition or petitions with any United  States court or court in bankruptcy under an act of the Congress of the United  States entitled  "An act to establish a uniform system of bankruptcy throughout  the United States,"  approved July first, one thousand eight hundred and  ninety-eight, and acts amendatory thereof and supplementary thereto, as the  same may be amended from time to time, hereinafter in this article referred to  as the  "municipal bankruptcy act," for the purpose of effecting a plan of  readjustment of its debts or for the composition of its debts, which adjustment  and composition are hereinafter interchangeably referred to as readjustment.   Such petition or petitions shall not be so filed unless the approval of the  municipal finance commission, which is hereby constituted a commission for the  purposes of this article, be first had and obtained.

     Amended by L.1938, c. 243, p. 551, s. 1.