52:27-45.1 - Municipalities effecting plan for readjustment or composition of debts; powers; "court" defined - New Jersey Statutes

52:27-45.1.  Municipalities effecting plan for readjustment or composition of debts;  powers;   "court"  defined
    Any municipality in which the Municipal Finance Commission, continued by chapter twenty-seven of Title 52 of the Revised Statutes, may be functioning and which may have heretofore filed or shall hereafter file a petition pursuant  to section 52:27-40 of the Revised Statutes, with any United States Court or  court in bankruptcy for the purpose of effecting a plan of readjustment of its  debts or for the composition of its debts, may, pursuant to express provisions  in such plan or in such plan as changed or modified, have and exercise the  powers hereinafter provided and shall thereupon be charged with the duties  hereinafter provided.  The term "court"  as used in this act shall mean the  United States Court or court in bankruptcy in which is or may be pending the  proceeding begun by such petition of the municipality, or, if no such  proceeding is pending in said court or if said court shall not assume to act  pursuant to this act, the Superior Court.

     L.1939, c. 56, p. 82, s. 1.  Amended by L.1953, c. 49, p. 876, s. 42.