48:5-10. Terms of joint agreement
162 words·~1 min read·
/nj/title-48/chapter-5/48-5-10A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The directors of the companies proposing to enter into such joint agreement may agree upon the terms thereof and the agreement may prescribe the terms and conditions thereof and the mode of carrying it into effect.
The parties to the agreement may pledge to and with each other for the due performance thereof, all their present and future acquired property and franchises. They may prescribe such provisions relating to the issue of obligations by either or both companies and the securing of the same by guarantee or mortgage of the franchises and property of either or both companies, present or future acquired and relating to the ownership, possession, control, maintenance and operation of the whole or any part of such bridge, its connections, appurtenances, approaches and stations by the respective companies or by their respective stockholders, directors, committees, officers or agents, or by any board of managers or arbitrators appointed under the agreement, as may be proper to effect the objects thereof.