New Jersey Statutes 17:12B-231. Trustees; bonds; removal; successors; action by majority
Terms Used In New Jersey Statutes 17:12B-231
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- sworn: includes "affirmed. See New Jersey Statutes 1:1-2
- Trustee: A person or institution holding and administering property in trust.
The Superior Court may remove any trustee for cause, upon the application of the commissioner, and may appoint a trustee to serve in the place of any trustee who fails to qualify or whose office as trustee becomes vacant. No person, other than a member of the association, shall be appointed as a trustee for such association unless it appears to the court that no member, qualified to act, will do so. In the event that a trustee is removed, dies or fails to qualify after election as such, the acts of the remaining trustees shall be valid and effectual until the vacancy is filled.
The trustees shall act by a majority vote and the signatures of a majority of them to any deed or other document shall suffice.
The trustees shall apply to the Superior Court for approval of any account filed by them and for their compensation and discharge. They shall have the powers of receivers as provided in sections 14:14-11 and 14:14-12 of the Revised Statutes. The provisions of section 14:14-11 of the Revised Statutes shall apply to persons refusing to be sworn, to answer questions, or to declare the whole truth.
L.1963, c. 144, s. 231.