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Section 48:3-29 - Sale or lease of property and franchises by receiver; exception

NJ Rev Stat § 48:3-29 (2019) (N/A)
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48:3-29. Sale or lease of property and franchises by receiver; exception

When a receiver of a corporation has charge of a railroad, canal, turnpike or other work of a public nature in which the value of the work is dependent upon the franchise and in the continuance of which the public as well as the stockholders and creditors have an interest, he may sell or lease the principal work for the construction whereof the corporation was organized, together with all the chartered rights, privileges and franchises belonging to it and appertaining to such principal work.

The purchaser or lessee of the principal work, chartered rights, privileges and franchises shall thereafter hold, use and enjoy the same during the whole of the residue of the term limited in the charter of the corporation or during the term specified in the lease in as full manner as the corporation could or might have used and enjoyed the same, subject however to all the restrictions, limitations and conditions contained in the charter.

This section shall not apply to or affect any corporation authorized by law to exercise banking privileges.

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