New Jersey § 52:27-40

§ 52:27-40.

Any county, municipality, school district or other political subdivision of this State,

hereinafter in this article referred to as “political subdivision,” shall have power

to file a petition or petitions with any United States court or court in bankruptcy

under an act of the Congress of the United States entitled “An act to establish a

uniform system of bankruptcy throughout the United States,” approved July first, one

thousand eight hundred and ninety-eight, and acts amendatory thereof and supplementary

thereto, 1 as the same may be amended from time to time, hereinafter in this article referred

to as the “municipal bankruptcy act,” for the purpose of effecting a plan of readjustment

of its debts or for the composition of its debts, which adjustment and composition

are hereinafter interchangeably referred to as readjustment. Such petition or petitions shall not be so filed unless the approval of the municipal

finance commission, which is hereby constituted a commission for the purposes of this

article, be first had and obtained. 1

Repealed. For bankruptcy provisions, see 11 U.S.C.A. § 101 et seq.