New Jersey § 48:23-8 Encumbering of assets

New Jersey Statutes

§ 48:23-8 — Encumbering of assets

New Jersey § 48:23-8

Title 48PUBLIC UTILITIES

This text of New Jersey § 48:23-8 (Encumbering of assets) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 48:23-8 (2026).

Text

The authority shall have no power to issue bonds, notes or other obligations, or to mortgage, pledge or otherwise encumber the assets of the authority or any of its income; and no part of the income or the assets of the authority shall inure to the benefit of any director, officer, employee or any other individual, except as may be provided as salary or reasonable compensation for services. L.1968, c. 405, s. 8, eff. Jan. 13, 1969.

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The authority shall have no power to issue bonds, notes or other obligations, or to mortgage, pledge or otherwise encumber the assets of the authority or any of its income; and no part of the income or the assets of the authority shall inure to the benefit of any director, officer, employee or any other individual, except as may be provided as salary or reasonable compensation for services. L.1968, c. 405, s. 8, eff. Jan. 13, 1969.