New Jersey Statutes 4:22-14.10. Actions by Attorney General
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Terms Used In New Jersey Statutes 4:22-14.10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
34. a. The Attorney General shall take any action necessary to facilitate the reincorporation of the New Jersey Society for the Prevention of Cruelty to Animals as a non-profit corporation independent of the State. Notwithstanding any State law, rule, or regulation to the contrary, the State shall not assume responsibility for any debts, liabilities, or other obligations of the New Jersey Society for the Prevention of Cruelty to Animals.
b. Any assets of a county society for the prevention of cruelty to animals held in escrow by the New Jersey Society for the Prevention of Cruelty to Animals pursuant to subsection j. of section 4 of P.L.2005, c.372 (C. 4:22-11.4) shall be transferred to the Attorney General to hold in escrow until such time as the assets may be transferred back to the county society from whom they were originally transferred, the status of the county society’s charter notwithstanding. Should the Attorney General find the transfer to be inappropriate or impossible, the assets shall be used for the purpose of protecting animals in the county from which the assets were originally transferred.
L.2017, c.331, s.34.