48:12-139 - Acceptance of former charter or organization of new company
48:12-139.Ā Acceptance of former charter or organization of new company
The purchaser or lessee and his associates or assigns not less than 3 in number, may within 18 months after the sale or lease, organize as a railroad company under a different corporate name from that of the former company by filing and recording in the office of the Secretary of State a certificate thatĀ they accept the charter of the company whose property has been sold or leasedĀ and setting forth the further particulars required in a certificate of incorporation under this Title, so far as applicable.Ā Such company shall have all the powers and franchises and be subject to all the restrictions, limitations and conditions of the former company.
In lieu of such acceptance of the former charter the purchaser or lessee mayĀ form a railroad company under the laws of this State at any time after the saleĀ or lease.Ā The new company may take conveyance of and operate such railroadĀ with the franchises and powers by this chapter conferred in lieu of thoseĀ granted by special charter.
Amended by L.1962, c. 198, s. 149.
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The purchaser or lessee and his associates or assigns not less than 3 in number, may within 18 months after the sale or lease, organize as a railroad company under a different corporate name from that of the former company by filing and recording in the office of the Secretary of State a certificate thatĀ they accept the charter of the company whose property has been sold or leasedĀ and setting forth the further particulars required in a certificate of incorporation under this Title, so far as applicable.Ā Such company shall have all the powers and franchises and be subject to all the restrictions, limitations and conditions of the former company.
In lieu of such acceptance of the former charter the purchaser or lessee mayĀ form a railroad company under the laws of this State at any time after the saleĀ or lease.Ā The new company may take conveyance of and operate such railroadĀ with the franchises and powers by this chapter conferred in lieu of thoseĀ granted by special charter.
Amended by L.1962, c. 198, s. 149.
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