New Jersey Statutes 14A:14-5. Powers of receivers; general
Terms Used In New Jersey Statutes 14A:14-5
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- 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
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
(a) take into his possession all the property of the corporation, including its books, records and papers;
(b) institute and defend actions by or on behalf of the corporation;
(c) sell, assign, convey or otherwise dispose of all or any part of the property of the corporation;
(d) settle or compromise with any debtor or creditor of the corporation, including any taxing authority;
(e) summon and examine under oath, which he may administer, or by affirmation, any persons concerning any matter pertaining to the receivership or to the corporation, its property and its transactions, and require such person to produce books, records, papers and other tangible things and to be examined thereon;
(f) take testimony within or without the State, and, if without the State, apply to courts of other jurisdictions for compulsory process to obtain the attendance of witnesses;
(g) continue the business of the corporation, and, to that end, enter into contracts, borrow money, pledge, mortgage or otherwise encumber the property of the corporation as security for the repayment of the receiver’s loans;
(h) do all further acts as shall best fulfill the purposes of this chapter.
L.1968, c.350.