48:23-8. Encumbering of assets
77 words·~1 min read·
/nj/title-48/chapter-23/48-23-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.