New Jersey Statutes
§ 48:23-8 — Encumbering of assets
New Jersey·Title 48 PUBLIC UTILITIES
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.
Free access — add to your briefcase to read the full text and ask questions with AI
New Jersey § 48:23-8 (Encumbering of assets) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Nearby Sections
15
§ 48:23-1
Short title§ 48:23-10
Educational policies; curriculum content§ 48:23-14
Board of directors.§ 48:23-15
Executive director, employees§ 48:23-16
Bylaws§ 48:23-17
Use of funds.§ 48:23-18
Short title.§ 48:23-2
Definitions.