52:27-45.8 - Discharge of board; extension of existence; surplus in special fund - New Jersey Statutes

52:27-45.8.  Discharge of board;  extension of existence;  surplus in special fund    Upon the payment of all warrants issued under any ordinance or resolution adopted or enacted pursuant to the provisions of this act, together with all expenses and claims whatsoever incurred or contracted by any such board, or upon the liquidation of all of the assets pledged to any special fund or funds created by any such ordinance or resolution adopted or enacted pursuant hereto,  any such board established pursuant to this act shall cease to exist upon being  discharged by the court;  provided, however, that any ordinance or resolution  establishing such a board may extend the existence of any such board in such  manner and upon such terms and conditions as any such ordinance or resolution  shall provide.  Any such ordinance or resolution may also provide for the  collection, deposit and disbursement of the proceeds of the liquidation of  assets pledged to any special fund or funds created hereunder after the payment  of warrants issued pursuant thereto in such manner and upon such terms and  conditions and for such purposes as any such ordinance or resolution shall  provide.

     L.1939, c. 56, p. 90, s. 8.  Amended by L.1953, c. 49, p. 880, s. 46.