17:13-117 - Possession by commissioner of property and business; dissolution of credit union;Ā trustees in dissolution
17:13-117.Ā Possession by commissioner of property and business; dissolution of credit union;Ā trustees in dissolution
Whenever the commissioner shall take possession of the property and businessĀ of a credit union pursuant to section 37 of this act, he shall retainĀ possession until the property and business of the credit union may be returnedĀ by him to the management of its board on terms satisfactory to him, except theĀ commissioner shall have the authority to institute an action in the SuperiorĀ Court as provided by this act while in possession of the property and businessĀ of the credit union, in which case he shall retain the possession of theĀ property and business of the credit union until otherwise ordered by the court. The commissioner may, if he deems it advisable and in the best interest of theĀ members, permit the voluntary dissolution of the credit union and surrender toĀ its officers and directors any powers which may be necessary to effect aĀ dissolution as provided in this act, but in this case the trustees inĀ dissolution to be appointed by the members shall be persons satisfactory to theĀ commissioner and the bonds to be given by them shall be approved as to form,Ā sufficiency and amount by the commissioner.
L.1984, c. 171, s. 39, eff. Oct. 31, 1984.
Ā
Whenever the commissioner shall take possession of the property and businessĀ of a credit union pursuant to section 37 of this act, he shall retainĀ possession until the property and business of the credit union may be returnedĀ by him to the management of its board on terms satisfactory to him, except theĀ commissioner shall have the authority to institute an action in the SuperiorĀ Court as provided by this act while in possession of the property and businessĀ of the credit union, in which case he shall retain the possession of theĀ property and business of the credit union until otherwise ordered by the court. The commissioner may, if he deems it advisable and in the best interest of theĀ members, permit the voluntary dissolution of the credit union and surrender toĀ its officers and directors any powers which may be necessary to effect aĀ dissolution as provided in this act, but in this case the trustees inĀ dissolution to be appointed by the members shall be persons satisfactory to theĀ commissioner and the bonds to be given by them shall be approved as to form,Ā sufficiency and amount by the commissioner.
L.1984, c. 171, s. 39, eff. Oct. 31, 1984.
Ā