State Codes and Statutes

Statutes > New-jersey > Title-14a > Section-14a-14 > 14a-14-24

14A:14-24.  Reorganization under act of Congress;  implementation of plan of  reorganization
    (1) A corporation shall have the power to do any act required or permitted by a plan of reorganization in order to put such plan in effect according to its terms.

    (2) The power conferred by subsection (1) of this section shall be exercised  by the trustee or trustees, or other person or persons acting in similar  capacities, appointed in the reorganization proceeding resulting in the plan of  reorganization, or, if none be then acting, by any other person or persons  designated or appointed for such purpose in such organization proceeding, or,  if no such other person or persons be then acting, by an officer or officers of  the corporation.

    (3) The exercise of the power to put in effect a plan of reorganization by those designated in subsection (2) of this section shall have the same effect as if done with the unanimous consent of the directors and the shareholders.
 
L.1968, c.350.