N.J.S.A. 48:24-2 — Definitions relative to rural electric cooperatives.

48:24-2 Definitions relative to rural electric cooperatives. 2. As used in P.L.2017, c.297 (C.48:24-1 et al.): "Acquire" means to construct or by purchase, lease, devise, gift, or other mode of acquisition. "Board" means the board of directors of a rural electric cooperative. "Federal agency" means any department, administration, commission, board, bureau, office, establishment, agency, authority, or instrumentality of the United States of America. "Member" means the incorporators of a rural electric cooperative and each person thereafter lawfully admitted to membership therein. "Obligations" means bonds, notes, debentures, interim certificates, or receipts, and all other evidence of indebtedness, whether secured or unsecured, issued by a rural electric cooperative. "Person" means any individual or entity but shall not include any Federal agency, state, or any political subdivision thereof. "Rural area" means any area included within the boundaries of any municipality that, as of the date of the rural electric cooperative's articles of incorporation, has a population of 30,000 inhabitants or less and a population density less than 4,000 persons per square mile, according to the latest federal decennial census, including both the farm and nonfarm population thereof. "Rural electric cooperative" or "cooperative" means a nonprofit corporation entitled to the rights, benefits, and protections established under P.L.2017, c.297 (C.48:24-1 et al.). L.2017, c.297, s.2.

This is the verbatim text of N.J.S.A. 48:24-2, 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.