52:27-36 - Approval by Supreme Court justice of plan of adjustment or composition;Ā findings
52:27-36.Ā Approval by Supreme Court justice of plan of adjustment or composition;Ā findings
In any such action, after hearing on the plan proposed or on the plan as modified by order and if such plan as proposed or modified is approved in writing by creditors representing eighty-five per centum (85%) in amount of theĀ indebtedness affected thereby and by the municipality and the commission, theĀ Superior Court may authorize and approve such adjustment or composition if theĀ court determines (1) that the municipality is unable to pay in full accordingĀ to their terms the claims proposed to be adjusted or composed, and perform itsĀ public functions and preserve the value of property subject to taxation, (2)Ā that the adjustment or composition is substantially measured by the capacity ofĀ the municipality to pay, (3) that it is in the interest of all the creditorsĀ affected thereby, and (4) that it is not detrimental to other creditors of theĀ municipality.
Amended by L.1953, c. 49, p. 875, s. 40.
Ā
In any such action, after hearing on the plan proposed or on the plan as modified by order and if such plan as proposed or modified is approved in writing by creditors representing eighty-five per centum (85%) in amount of theĀ indebtedness affected thereby and by the municipality and the commission, theĀ Superior Court may authorize and approve such adjustment or composition if theĀ court determines (1) that the municipality is unable to pay in full accordingĀ to their terms the claims proposed to be adjusted or composed, and perform itsĀ public functions and preserve the value of property subject to taxation, (2)Ā that the adjustment or composition is substantially measured by the capacity ofĀ the municipality to pay, (3) that it is in the interest of all the creditorsĀ affected thereby, and (4) that it is not detrimental to other creditors of theĀ municipality.
Amended by L.1953, c. 49, p. 875, s. 40.
Ā