N.J.S.A. 48:2-29.2 — Prohibit or limit payment of dividends by utility failing to comply with board's order

48:2-29.2. Prohibit or limit payment of dividends by utility failing to comply with board's order The board may, after hearing, upon notice, by order in writing, prohibit or limit the payment of dividends by a public utility if the board, after such hearing, finds and determines that such public utility fails to comply with any order of the board ascertaining, determining and fixing reasonably adequate working capital or rates of depreciation or with any order requiring such public utility by adequate maintenance to keep its property and equipment in condition to furnish safe, adequate, and proper service. Every order so made by the board shall continue in effect until the board by its order in writing determines that the conditions on the existence of which the making of the order was based have been corrected. Amended by L.1962, c. 198, s. 17.

This is the verbatim text of N.J.S.A. 48:2-29.2, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.