N.J.S.A. 48:6-17 — Borrowing money and issuing bonds secured by mortgage

48:6-17. Borrowing money and issuing bonds secured by mortgage Every canal company organized under this Title may borrow such sums of money from time to time, not to exceed in the whole its paid up capital stock, as may be necessary to construct and repair the canal and the works on lands adjacent thereto. To secure repayment thereof it may issue bonds secured by a mortgage on its property and franchises provided. The bonds shall constitute a lien on the property and franchises of the company and the proceeds of the bonds shall be used for the purposes above specified. Amended by L.1962, c. 198, s. 92.

This is the verbatim text of N.J.S.A. 48:6-17, 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.