17:35-14 - Action to enjoin corporation from transacting further business
17:35-14.Ā Action to enjoin corporation from transacting further business
When the commissioner, upon investigation, is satisfied that any such corporation of this State is insolvent because of matured death claims, or other obligations due and unpaid, exceeding its assets and death assessments orĀ periodical calls made or in process of collection, or has exceeded its powers,Ā failed to comply with any provisions of law, or is conducting businessĀ fraudulently, he shall institute an action in the Superior Court to enjoin theĀ corporation from transacting any further business, and for such other relief asĀ may be appropriate.Ā The court may proceed in the action in a summary manner orĀ otherwise.
Amended by L.1953, c. 17, p. 271, s. 151.
Ā
When the commissioner, upon investigation, is satisfied that any such corporation of this State is insolvent because of matured death claims, or other obligations due and unpaid, exceeding its assets and death assessments orĀ periodical calls made or in process of collection, or has exceeded its powers,Ā failed to comply with any provisions of law, or is conducting businessĀ fraudulently, he shall institute an action in the Superior Court to enjoin theĀ corporation from transacting any further business, and for such other relief asĀ may be appropriate.Ā The court may proceed in the action in a summary manner orĀ otherwise.
Amended by L.1953, c. 17, p. 271, s. 151.
Ā