N.J. Stat. § 17:14A-83

Current through L. 2024, c. 87.

Section 17:14A-83 - Custodial possession by commissioner; corporate title and existence

Notwithstanding the taking of custodial possession of the property of a safe deposit company by the commissioner:

a. Title to all the property of the safe deposit company, including property held in fiduciary capacities, shall remain in the safe deposit company;

b. The corporate existence of the safe deposit company shall continue unless terminated as provided in R.S. 17:14A-80; and

c. The stockholders and directors of the safe deposit company shall be entitled to meet and the stockholders, directors and officers of the safe deposit company shall be entitled to act upon any matter which does not infringe upon the powers granted to the commissioner by R.S. 17:14A-80.

N.J.S. § 17:14A-83

L.1983, c.566, s.17:14A-83.