New Jersey § 17:12b-193

§ 17:12b-193.

On making application to the court for approval of expenses of administration as provided

by section 186 of this act, 1 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. 1

N.J.S.A. § 17:12B-186.