New Jersey Statutes 15A:14-19. Discontinuance of receivership action
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Terms Used In New Jersey Statutes 15A:14-19
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A receivership action against a corporation may be discontinued at any time when it is established that cause for the action no longer exists. In that event, the court shall dismiss the proceedings and direct the receiver to redeliver to the corporation all its property remaining in the receiver’s hands. Upon the redelivery, the corporation shall be revested with full rights in the property and in its franchises as if the receiver had not been appointed.
L.1983, c. 127, s. 15A:14-19, eff. Oct. 1, 1983.