§ 42:3-20 — Designation or appointment of trustees or receivers

If, in the action under section 42:3-19 of this Title, it shall appear to the court that such association has so expired or been dissolved, it may either continue the managers acting as such at the expiration or dissolution of the association, or the surviving managers or manager, trustees or trustee as provided by section 42:3-16 of this Title, or appoint one or more persons to be receivers of such association, and the creditors and members thereof. Amended by L.1953, c. 40, p. 762, s. 10, eff. March 19, 1953.