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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 9a:
Section: 17:9a-157: Application of article
A bank may reorganize in the manner provided by this article if
(1) it is insolvent, or has suspended its business for lack of funds to carry it on, and the commissioner is in possession of its property and business; or
(2) a receiver has been appointed pursuant to section 303.
L.1948, c. 67, p. 293, s. 157.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:9a-157 (if available):
Court decisions that cite this statute:
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