N.J. Stat. tit. 17, ch. 3A

in effect

N.J. Stat. § 17:3A-1 Definitions

As used in this act: (a) "Corporation" shall mean a corporation organized pursuant to any law of this State, over which the Commissioner of Banking and Insurance or the Department of Banking and Insurance is required or authorized by law to exercise supervisory or regulatory powers; (b) "Liquidator" means (1) the trustee or trustees in voluntary dissolution of a corporation; (2) the Commissioner of Banking and Insurance in the exercise of his statutory power to take possession of and to liquidate a corporation; (3) the receiver or receivers, or the trustee or trustees appointed by a court of competent jurisdiction to liquidate a corporation; and (4) every person or persons engaged in the liquidation of a corporation in dissolution pursuant to any statute of this State, or by virtue of any lawful order, decree, judgment or proclamation of any administrative, executive or judicial officer of this State. L.1948, c. 266, p. 1156, s. 1. Amended by L.1953, c. 17, p. 153, s. 5.

N.J. Stat. § 17:3A-2 Application during liquidation for order to destroy records, etc.; notice of application; publication; order for destruction

At any time during the liquidation of a corporation, the liquidator may apply to the Superior Court for an order authorizing the destruction of such of the records, documents and other papers of the corporation, excluding those relating to the liquidation, which, in the opinion of the liquidator, it is unnecessary further to preserve or retain. The court may, in its discretion, order that notice of the application be advertised not less than once a week for three successive weeks, in a newspaper published in the municipality in which the corporation maintained its principal office, or, if there be no such newspaper, then in one published in the county in which such principal office was maintained, or in an adjoining county, and which has a general circulation in such municipality. If the court is satisfied that no rights will be adversely affected by the destruction of such records, documents and other papers, and that their further preservation or retention is unnecessary, it may make an order authorizing the liquidator to destroy them. L.1948, c. 266, p. 1157, s. 2.

N.J. Stat. § 17:3A-3a Application after liquidation for order to destroy records, etc.; notice of application; publication; order for destruction

At any time after liquidation of the corporation has been completed and final distribution made, the liquidator may apply to the Superior Court for an order authorizing the destruction of all records, documents and other papers relating to the liquidation, and of all records, documents and other papers of the corporation not previously destroyed pursuant to section two. The court may, in its discretion, order that notice of the application be advertised in the manner provided by section two. If the court is satisfied that the liquidation has been completed and final distribution made, it may make an order authorizing the liquidator to destroy such records, documents and other papers on or after a date to be designated in such order, but in no case shall such destruction take place until after the expiration of one year from the completion of such liquidation and the making of the final distribution. L.1948, c. 266, p. 1157, s. 3-A.

N.J. Stat. § 17:3A-3b Destruction of records after five years from liquidation date without leave of court; notice

At any time after the expiration of five years from the date on which the liquidation of a corporation shall have been completed and final distribution made, the liquidator may, in his discretion, and without leave of court, destroy, or cause to be destroyed, any of the records, documents and other papers of the corporation, including those relating to the liquidation, which, in his opinion, it is unnecessary further to preserve or retain; provided, however, that the liquidator shall first give notice of his intention so to do by advertising such notice in the manner provided in section two. L.1948, c. 266, p. 1158, s. 3-B.

N.J. Stat. § 17:3A-4 Liquidator not accountable for authorized destruction

No liquidator shall be held accountable for any act of destruction authorized in the manner provided by this act. L.1948, c. 266, p. 1158, s. 4.

N.J. Stat. § 17:3A-5 Corporations affected by act

The provisions of this act shall apply to all corporations heretofore liquidated; to all corporations in process of liquidation on the effective date of this act; and to all corporations to be liquidated after the effective date of this act. L.1948, c. 266, p. 1158, s. 5.

N.J. Stat. § 17:3A-6 Presumption as to prior law

No presumption shall be drawn from the enactment of this act that, prior to its passage, liquidators were without power or authority to destroy the records, documents and other papers of a corporation or those relating to its liquidation. L.1948, c. 266, p. 1158, s. 6.

N.J. Stat. § 17:3A-7 Effective date

This act shall take effect September sixteenth, one thousand nine hundred and forty-eight. L.1948, c. 266, p. 1158, s. 7.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026