New Jersey Statutes 17:9A-157. Application of article
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A bank may reorganize in the manner provided by this article if
(1) it is insolvent, or has suspended its business for lack of funds to carry it on, and the commissioner is in possession of its property and business; or
(2) a receiver has been appointed pursuant to section 303.
L.1948, c. 67, p. 293, s. 157.