48:5-8.1 - Charter inoperative or void for nonpayment of taxes; reinstatement - New Jersey Statutes

48:5-8.1.  Charter inoperative or void for nonpayment of taxes; reinstatement    If the charter of any company organized under this article shall hereafter become or shall have heretofore become inoperative or void by proclamation of the governor or by operation of law, for nonpayment of taxes, the governor, by and with the advice of the attorney general, may, upon payment by such company to the secretary of state of such sum in lieu of taxes and penalties as to them  may seem reasonable, but in no case to be less than the fees required as upon  the filing of the original certificate of incorporation, permit such company to  be reinstated and entitled to all its franchises and privileges. Upon such  payment as aforesaid the secretary of state shall issue his certificate  entitling such company to continue its said business and its said franchises.   Nothing in this section contained shall relieve any such company from the  penalty of forfeiture of its franchises in case of failure to pay such future  taxes imposed under any law of this state.