48:5-12. Mortgages of corporate rights and franchises
115 words·~1 min read·
/nj/title-48/chapter-5/48-5-12A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every bridge company incorporated by the laws of this state and doing business, operating works or owning property in this state or partly in this state and partly in another state, and whose charter or the supplements thereto do not confer an express power to mortgage or convey in trust its corporate rights and franchises to secure its bonds, may mortgage its corporate property, rights and franchises to secure the payment of any bonds or other indebtedness issued or to be issued by the company, but such indebtedness shall not exceed by more than fifty thousand dollars the amount of real and personal property which the company may be authorized by its charter to hold.