New Jersey § 5:12-130

§ 5:12-130.

a. Notwithstanding any other provision of the Casino Control Act, (1) upon the revocation or denial of a casino license, or (2) upon, in the discretion of the commission, the suspension of a casino license

or the suspension of an operation certificate for a period of in excess of 120 days, and notwithstanding the pendency of any appeal therefrom, the commission may appoint

and constitute a conservator to, among other things, take over and into his possession

and control all the property and business of the licensee relating to the casino and

the approved hotel; provided, however, that this subsection shall not apply in any

instance in which the casino in the casino hotel facility for which the casino license

had been issued has not been, in fact, in operation and open to the public, and provided

further that no person shall be appointed as conservator unless the commission is

satisfied that he is individually qualified according to the standard applicable to

casino key employees, except that casino experience shall not be necessary for qualification. b. (Deleted by amendment, P.L.1987, c. 410). c. The commission may proceed in a conservatorship action in a summary manner or otherwise

and shall have the power to appoint and remove one or more conservators and to enjoin

the former or suspended licensee from exercising any of its privileges and franchises,

from collecting or receiving any debts and from paying out, selling, assigning or

transferring any of its property to other than a conservator, except as the commission

may otherwise order. The commission shall have such further powers as shall be appropriate for the fulfillment

of the purposes of this act. d. Every conservator shall, before assuming his duties, execute and file a bond for

the faithful performance of his duties payable to the commission in the office of

the commission with such surety or sureties and in such form as the commission shall

approve and in such amount as the commission shall prescribe. e. When more than one conservator is appointed pursuant to this section, the provisions

of this article applicable to one conservator shall be applicable to all; the debts

and property of the former or suspended licensee may be collected and received by

any of them; and the powers and rights conferred upon them shall be exercised by

a majority of them. f. The commission shall require that the former or suspended licensee purchase liability

insurance, in an amount determined by the commission, to protect a conservator from

liability for any acts or omissions of the conservator occurring during the duration

of the conservatorship which are reasonably related to, and within the scope of, the

conservator's duties.