48:15-55. Lease of property and franchises; rights and liabilities of lessee

192 words·~1 min read·/nj/title-48/chapter-15/48-15-55

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any street railway or traction company or any turnpike, plank road or motor power company may lease its property and franchises to any street railway or traction company. The lessee company may take the lease and after such lease may use and operate the franchises and property so leased.

Any company becoming a lessee under this section may purchase, hold, sell, transfer, mortgage, pledge or otherwise dispose of the shares of the capital stock, securities or other evidences of debt issued or created by any other company organized under the laws of this state, and may exercise, while owner thereof, all rights, powers and privileges including the right to vote on such stock which natural persons, being such owners, could exercise.

All rights of creditors and all liens upon the property of the lessor and all its privileges and immunities shall be unimpaired to the same extent as if the lease had not been made, and all debts, liabilities and duties of the lessor shall thenceforth attach to the lessee and be enforced against or enjoyed by it to the same extent as they were enforceable against or enjoyed by the lessor.