New Jersey Statutes 15A:12-8. Plan of dissolution and disposition of assets
Terms Used In New Jersey Statutes 15A:12-8
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
b. The plan shall include, where appropriate, provisions to implement the following in the priority set forth below:
(1) Payment and discharge of all liabilities and obligations of the corporation;
(2) Compliance with all conditions of any tax exemption applicable to the corporation;
(3) Return, transfer or conveyance of all assets received and held by the corporation upon condition that the assets be returned, transferred or conveyed upon dissolution of the corporation;
(4) Transfer or conveyance of all assets received and held by the corporation subject to limitations permitting their use only for charitable, religious, eleemosynary, benevolent, educational or similar purposes, but not held upon condition set forth in paragraph (3) of subsection b. of this section, to one or more domestic or foreign corporations engaged in activities substantially similar to those of the dissolving corporation or, if applicable, to a receiver to be held for the benefit of the public and for use in accordance with the limitations, or pursuant to a court order;
(5) Distribution of all assets required by the corporation’s certificate of incorporation or bylaws to be distributed to the members in the manner so specified;
(6) Disposition of all other assets.
c. If the corporation has no disposable assets at the time of dissolution, the plan of dissolution shall include a statement to that effect.
L.1983, c. 127, s. 15A:12-8, eff. Oct. 1, 1983.