17:12B-193 - Liquidation and accounting by commissioner

17:12B-193.  Liquidation and accounting by commissioner    On making application to the court for approval of expenses of administration as provided by section 186 of this act, the commissioner shall file in the said court an accounting of the administration of the State association's affairs from the date upon which possession thereof was taken, including an accounting of the administration of the State association's affairs by the commissioner's predecessor or predecessors in office, where such  possession was initially taken by such predecessor. Accountings subsequent to  the first accounting filed pursuant hereto, shall be only for the period  elapsed since the last prior accounting filed in the said court, but shall  include a summary of the administration of the State association's affairs for  the period covered by prior accountings.  In any such proceeding with respect  to such expenses and accounting, notice to members and claimants may be given  by notices mailed to each at his address as it appears on the State  association's records.  The court shall have jurisdiction to hear and determine  in a summary manner or otherwise all matters arising therein, and shall enter  such judgment therein as shall be equitable and just.  Upon making complete  distribution of the proceeds of the liquidation of any State association,  directed in a judgment of the court, made pursuant to the provisions of this  section, the commissioner shall file in the court a statement of such  distribution, and shall file in the department a certificate that such  statement has been filed, specifying the date of such filing.  Upon the date of  the filing of said certificate in the department, the rights, privileges and  franchises of said State association shall be terminated.  A copy of the  certificate, certified by the commissioner, shall be evidence in all courts and  places.

     L.1963, c. 144, s. 193.