New Jersey § 34:1b-159

§ 34:1b-159.

a. To effectuate any of its authorized purposes either directly or indirectly, the

authority, in addition to any powers granted to it elsewhere in P.L.1997, c.150 ( C.34:1B-144 et al.), shall have the authority to form, purchase or assume control of one or more

subsidiaries, in the manner and for the purposes set forth in this section. b. The authority may form a subsidiary by filing with the Secretary of State a certificate

of incorporation, which may be amended from time to time and which shall set forth

the name of the subsidiary, its duration, the location of its principal office, the

joint owners thereof if any such joint owners shall be provided for by an agreement

between the authority and the joint owners, and the purposes of the subsidiary. c. The directors of the subsidiary shall be members or employees of the authority,

who shall constitute at least a majority, and such other persons representing any

joint owner or owners, if any, as may be provided for in the agreement in connection

with the incorporation of the subsidiary. d. The subsidiary shall have all the powers vested in the authority which the authority

may delegate to it by terms of the agreement entered into pursuant to subsection b.

of this section, except that it shall not have the power to contract indebtedness

independently of the authority. The subsidiary and any of its properties, functions and activities shall have all

the privileges, immunities, tax exemptions and other exemptions as the authority's

property, functions and activities. The subsidiary shall also be subject to the restrictions and limitations to which

the authority is subject. The subsidiary shall be subject to suit as if it were the authority itself. e. Whenever the State or any municipality, commission, public authority, agency, office,

department, board, or division is authorized and empowered for any purposes of P.L.1997, c.150 ( C.34:1B-144 et al.) to cooperate and enter into agreements with the authority or to grant any

consent to the authority or to grant, convey, lease or otherwise transfer any property

to the authority or to execute any document, the State or such municipality, commission,

public authority, agency, officer, department, board, or division shall have the same

authorization and power for any of such purposes to cooperate and enter into agreements

with the subsidiary, to grant consents to the subsidiary, to grant, convey, lease

or otherwise transfer property to the subsidiary and to execute documents for the

subsidiary. f. Among the powers that shall be granted to a subsidiary established by the authority,

or which may be exercised by the authority itself, are: (1) The power to participate as a co-owner or co-venturer in any activity financed

by a loan from the authority; (2) The power to issue its stock and employ the proceeds of such issuance for capital

investment in, or other expenses in connection with, the projects of the subsidiary,

upon authorization by the authority; and (3) The power to enter into leases, subleases or other conveyances of property, or

to grant easements, or licenses for the use of property.