48:12-143 - Purchase by another railroad company of railroad and franchises sold by court order - New Jersey Statutes

48:12-143.  Purchase by another railroad company of railroad and franchises  sold by court order    When the railroad and franchises of a railroad company of this state, or any  part thereof are sold by virtue of a decree, order or judgment of a court of  competent jurisdiction, any other railroad company of this state owning, leasing or operating a railroad having physical connection therewith, may purchase the road and franchises sold, either at the official sale or from the purchaser thereof at the sale.

    The railroad and franchises so purchased shall be merged with and become a component part of the purchasing company upon filing and recording in the office of the secretary of state a certificate, executed by its president and secretary, setting forth the purchase, together with a survey of the route and an accurate map thereof.