52:27-5 - Powers of commission and director to cease upon annulment of order adjudging municipality in default - New Jersey Statutes

52:27-5.  Powers of commission and director to cease upon annulment of order  adjudging municipality in default    Whenever the Superior Court has heretofore made or shall hereafter make an order or judgment annulling, vacating and discharging any order or judgment theretofore made by it pursuant to this chapter adjudging that the municipality  has defaulted in the payment of the principal or interest of any of its  outstanding notes or bonds, the commission shall cease to continue in force in  such municipality and neither the commission nor the said director shall  thereafter exercise any powers or perform any duties in and for such municipality pursuant to this chapter, provided that the commission shall have heretofore or hereafter determined by resolution that it is not functioning in said municipality.

     Amended by L.1947, c. 119, p. 584, s. 3;  L.1953, c. 49, p. 865, s. 29.