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New Jersey Statutes, Title: 52, STATE GOVERNMENT, DEPARTMENTS AND OFFICERS
Chapter 27: Local Government Board to be constituted the "Municipal Finance Commission"
Section: 52:27-3: Resolution by municipality declaring inability to meet obligations; action in Superior Court; commission to function
Any municipality may file with the Clerk of the Superior Court a certified copy of a resolution adopted by the governing body of the municipality, reciting in general terms that due to unusual conditions the municipality is not in a position to meet its obligations when due, in spite of the endeavors of its officers, and institute a civil action in the Superior Court, making the Director of the Division of Local Government a defendant and making application that the commission function in the municipality.
The court may proceed in the action in a summary manner or otherwise.
If it shall be established to the satisfaction of the court that the municipality is so unable to meet its obligations, it may enter judgment to that effect.
Upon the entry of the judgment, the commission shall function in such municipality with all the powers and duties conferred by this chapter.
Amended by L.1953, c. 49, p. 865, s. 28.
This section added to the Rutgers Database: 2012-09-26 13:37:55.
Older versions of 52:27-3 (if available):
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