48:2-29.2 - Prohibit or limit payment of dividends by utility failing to comply with board's order - New Jersey Statutes

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.