This case raises a question about the meaning of section 25 of the General Corporation Act. N.J.S.A. 14:14-25; L. 1953, c. 14, § 34. The complaint was filed May 29, 1964. It alleged defendant's insolvency and demanded an adjudication of insolvency, an injunction restraining the exercise of corporate franchises and the appointment of a statutory receiver. On the same date an...
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