48:5-8.1. Charter inoperative or void for nonpayment of taxes; reinstatement
If the charter of any company organized under this article shall hereafter become or shall have heretofore become inoperative or void by proclamation of the governor or by operation of law, for nonpayment of taxes, the governor, by and with the advice of the attorney general, may, upon payment by such company to the secretary of state of such sum in lieu of taxes and penalties as to them may seem reasonable, but in no case to be less than the fees required as upon the filing of the original certificate of incorporation, permit such company to be reinstated and entitled to all its franchises and privileges. Upon such payment as aforesaid the secretary of state shall issue his certificate entitling such company to continue its said business and its said franchises. Nothing in this section contained shall relieve any such company from the penalty of forfeiture of its franchises in case of failure to pay such future taxes imposed under any law of this state.
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