42:3-25 - Injunctive relief
42:3-25.Ā Injunctive relief
The court may proceed in the action in a summary manner or otherwise. If itĀ shall appear to the court that the association has become insolvent and is notĀ about to resume its business in a short time thereafter, or that its businessĀ has been and is being conducted at a great loss and greatly prejudicial to theĀ interests of its creditors or members, so that its business cannot be conductedĀ with safety to the public and advantage to the members, it may provideĀ injunctive relief to restrain the association, and its officers and agents,Ā from exercising any of its privileges or franchises and from collecting orĀ receiving any debts, or paying out, selling, assigning or transferring any ofĀ its estate, moneys, funds, lands, tenements or effects, except to a receiverĀ appointed by the court, until the court shall otherwise order.
Amended by L.1953, c. 40, p. 764, s. 15, eff. March 19, 1953.
Ā
The court may proceed in the action in a summary manner or otherwise. If itĀ shall appear to the court that the association has become insolvent and is notĀ about to resume its business in a short time thereafter, or that its businessĀ has been and is being conducted at a great loss and greatly prejudicial to theĀ interests of its creditors or members, so that its business cannot be conductedĀ with safety to the public and advantage to the members, it may provideĀ injunctive relief to restrain the association, and its officers and agents,Ā from exercising any of its privileges or franchises and from collecting orĀ receiving any debts, or paying out, selling, assigning or transferring any ofĀ its estate, moneys, funds, lands, tenements or effects, except to a receiverĀ appointed by the court, until the court shall otherwise order.
Amended by L.1953, c. 40, p. 764, s. 15, eff. March 19, 1953.
Ā