Section 52:27-45.9 - Invalidity or illegality of ordinance or resolution; board prevented from performance of duties

NJ Rev Stat § 52:27-45.9 (2019) (N/A)

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52:27-45.9. Invalidity or illegality of ordinance or resolution; board prevented from performance of duties

Should any ordinance or resolution establishing or creating any board hereunder be declared to be invalid or illegal by any court of competent jurisdiction, or should said board be prevented for any reason from performing the powers and duties herein prescribed for the collection, enforcement and liquidation of the assets and properties pledged to any such special fund or funds, all warrants payable from said fund or funds shall nevertheless remain and be a lien against the assets and properties so pledged, and shall be and remain payable from the proceeds of such assets when and as collected by such municipality, and such municipality and the corporate authorities thereof are hereby directed in such case to proceed with the liquidation of such assets as in this act and as in the ordinance or resolution authorizing the issuance of said warrants provided, and all powers, duties and liabilities imposed on the board shall be assumed and performed by the governing body of such municipality.

L.1939, c. 56, p. 90, s. 9.

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Section 52:27-45.8 - Discharge of board; extension of existence; surplus in special fund

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Section 52:27-45.10 - Issuance of new warrants of different denominations at request of registered holders