New Jersey Statutes 15A:12-23. Dissolution upon liquidation
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Terms Used In New Jersey Statutes 15A:12-23
- 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.
No corporation shall be completely liquidated and all of its assets distributed unless provision is made for the dissolution of the corporation and the payment of all fees, taxes, and other expenses incidental thereto.
L.1983, c. 127, s. 15A:12-23, eff. Oct. 1, 1983.