New Jersey § 48:3-5 Capitalizing franchises or contracts for consolidation

New Jersey Statutes

§ 48:3-5 — Capitalizing franchises or contracts for consolidation

New Jersey § 48:3-5

Title 48PUBLIC UTILITIES

This text of New Jersey § 48:3-5 (Capitalizing franchises or contracts for consolidation) 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. § 48:3-5 (2026).

Text

No public utility shall: a. Capitalize any franchise to be a corporation; b. Capitalize any franchise in excess of the amount, exclusive of any tax or annual charge, actually paid to the state or any political subdivision thereof as the consideration of the franchise; c. Capitalize any contract for consolidation, merger or lease; or d. Issue any bonds or other evidence of indebtedness against or as a lien upon any contract for consolidation, merger or lease. Nothing herein shall prevent the issuance of stock, bonds or other evidence of indebtedness, subject to the approval of the board, by any lawfully merged or consolidated public utilities not in contravention of this section.

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No public utility shall: a. Capitalize any franchise to be a corporation; b. Capitalize any franchise in excess of the amount, exclusive of any tax or annual charge, actually paid to the state or any political subdivision thereof as the consideration of the franchise; c. Capitalize any contract for consolidation, merger or lease; or d. Issue any bonds or other evidence of indebtedness against or as a lien upon any contract for consolidation, merger or lease. Nothing herein shall prevent the issuance of stock, bonds or other evidence of indebtedness, subject to the approval of the board, by any lawfully merged or consolidated public utilities not in contravention of this section.