48:15-51 - Issuance of stocks or bonds; mortgages; approval - New-jersey Statutes

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Statutes > New-jersey > Title-48 > Section-48-15 > 48-15-51

48:15-51. Issuance of stocks or bonds; mortgages; approval Any company owning or constructing a terminal pursuant to this article may provide money to defray the cost thereof and approaches thereto, including any reasonable development or improvement of the land upon which the terminal is constructed, by the issue and sale of its stock or bonds or both, in such proportions as its board of directors may determine and may secure the payment of any such bonds by mortgage or deed of trust; but any proposed issue of stock and bonds pursuant to this article shall first be approved by the board of public utility commissioners.

State Codes and Statutes

Statutes > New-jersey > Title-48 > Section-48-15 > 48-15-51

48:15-51. Issuance of stocks or bonds; mortgages; approval Any company owning or constructing a terminal pursuant to this article may provide money to defray the cost thereof and approaches thereto, including any reasonable development or improvement of the land upon which the terminal is constructed, by the issue and sale of its stock or bonds or both, in such proportions as its board of directors may determine and may secure the payment of any such bonds by mortgage or deed of trust; but any proposed issue of stock and bonds pursuant to this article shall first be approved by the board of public utility commissioners.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-jersey > Title-48 > Section-48-15 > 48-15-51

48:15-51. Issuance of stocks or bonds; mortgages; approval Any company owning or constructing a terminal pursuant to this article may provide money to defray the cost thereof and approaches thereto, including any reasonable development or improvement of the land upon which the terminal is constructed, by the issue and sale of its stock or bonds or both, in such proportions as its board of directors may determine and may secure the payment of any such bonds by mortgage or deed of trust; but any proposed issue of stock and bonds pursuant to this article shall first be approved by the board of public utility commissioners.