48:23-8 - Encumbering of assets - New Jersey Statutes

48:23-8.  Encumbering of assets    The authority shall have no power to issue bonds, notes or other obligations, or to mortgage, pledge or otherwise encumber the assets of the authority or any of its income;  and no part of the income or the assets of the  authority shall inure to the benefit of any director, officer, employee or any  other individual, except as may be provided as salary or reasonable compensation for services.

     L.1968, c. 405, s. 8, eff. Jan. 13, 1969.