State Codes and Statutes

Statutes > New-jersey > Title-17 > Section-17-13 > 17-13-119

17:13-119.  Assistant deputy commissioners;  employment of counsel and other  expert assistance;  powers on receivership of commissioner and members
    The commissioner may, under his hand and official seal, appoint one or more  special assistant deputy commissioners as agent or agents to assist him in the  operation of the business or conservation of the assets of any credit union in  his possession;  and the commissioner may, from time to time, delegate to any  special assistant deputy commissioner the powers conferred on him by this act  with respect to the operation of the business or conservation of the assets of  the credit union in his possession as he may deem necessary. The commissioner  may employ counsel, other expert assistance, or any other persons as shall in  his opinion be needed for the continuation of the business or conservation of  the assets of any credit union, and the compensations and salaries of all  special assistant deputy commissioners, attorneys, expert assistants and other  persons together with all other costs and expenses of a continuation of the  business or conservation of the assets of the credit union shall be fixed by  the commissioner and paid by the credit union and shall, until paid, constitute a prior claim against its assets.  The commissioner shall require from special  assistant deputy commissioners and other employees any security for the  faithful performance of their respective duties as he may deem proper. Upon  taking possession of any credit union the commissioner shall have power to  terminate the employment of any employee of a credit union and no officer or  director shall thereafter and until notified by the commissioner resume the  exercise of any power in the management of the business or conduct of the  affairs of the credit union.  The commissioner shall have authority to call  meetings of members for any purpose.  The members present at any meeting may,  by majority vote, and notwithstanding the provisions of the bylaws or  certificate of incorporation of the credit union, and without showing cause,  declare vacant the office of any director or committee member of the credit  union and appoint a successor to fill the vacancy thus arising.

     L.1984, c. 171, s. 41, eff. Oct. 31, 1984.