17:9A-157. Application of article
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.
This is the verbatim text of N.J.S.A. 17:9A-157, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. KyzerLex is not a law firm and this page is not legal advice.