48:6-17 - Borrowing money and issuing bonds secured by mortgage - New Jersey Statutes

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.