32:8-8. Bonds of commission as legal investments
214 words·~1 min read·
/nj/title-32/chapter-8/32-8-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
ARTICLE VII.
The bonds or obligations which may be issued by the commission for any of its authorized purposes, and as security for which tolls, rents, rates, and other revenues shall have been pledged, are hereby made securities in which all state and municipal officers and bodies of the state of New Jersey and the commonwealth of Pennsylvania, and all banks, bankers, trust companies, savings banks, savings and loan associations, investment companies, and other persons carrying on a banking business, or insurance companies, insurance associations, and other persons carrying on an insurance business, and all administrators, executors, guardians, trustees, and other fiduciaries, and all other persons whatsoever, who now or may hereafter be authorized to invest in bonds or other obligations of the state of New Jersey or of the commonwealth of Pennsylvania, may properly and legally invest funds, including capital belonging to them or within their control; and said bonds or other obligations are hereby made securities which may properly and legally be deposited with and received by any state or municipal officer, or agency of the state of New Jersey and the commonwealth of Pennsylvania, for any purpose for which the deposit of bonds or other obligations, either of the state or of the commonwealth, is now or may hereafter be authorized.