State Codes and Statutes

Statutes > New-jersey > Title-17 > Section-17-12b > 17-12b-239

17:12B-239.  Accounting by trustees;  examination by commissioner; report to members;  notice to creditors
    At least annually, unless the commissioner, for good cause, extends the time  therefor, and at such other times as the commissioner may require, the trustees  of an association in liquidation shall file in the Superior Court a true report  and account of their administration of the assets and affairs of the  association and simultaneously therewith, shall file a copy thereof with the  commissioner.  The commissioner shall, personally, or by one or more examiners  designated by him, audit each such report and account and make such examination  of the affairs of the association, including a verification of members'  accounts, as shall be required in such audit.  If, as a result of such audit  and examination the commissioner shall find that such report and account is  correct, he shall report accordingly to the court and the court may thereupon,  without further inquiry or verification, approve and allow such report and  account.  If the commissioner shall find, by such audit and examination or in  any other manner, that said report and account or either of them is incorrect,  or that the trustees have violated any provision of this act, or that the  affairs of the association have been mismanaged, he shall report accordingly to  the court, and the court shall thereupon, upon motion of the commissioner or  upon its own motion, make such inquiry and order in the interest of the members  and creditors of the association as shall be equitable and just.  The  commissioner shall receive for all services performed by him pursuant to the  provisions of this article, the fees which are fixed by law for like services  performed by him in connection with associations not in dissolution and  liquidation.

    At least 10 days before the filing of each trustees' report and account, a report of the operations of the association for the period of the accounting in  the form which is provided for associations not in dissolution, shall be mailed  to each member.  Said report shall state the time and place when and where the  report and account will be filed and the amount of the allowances for  compensation which the trustees will apply for.  Proof of the mailing of said  report to members shall be filed in the Superior Court simultaneously with the  filing of said report and account. No other notice to members need be given of  any proceeding for the approval and disposition of any report and account or of  any matter which may be presented to the court in connection therewith or  incidental thereto.  Such notice, if any, as the court may prescribe, of the  filing of the report and account and the application for allowances shall be  given to the creditors of the association.

     L.1963, c. 144, s. 239.