New Jersey § 48:12-150
Full text of New Jersey New Jersey Statutes § 48:12-150, with citation guidance and answers to common questions.
§ 48:12-150.
When the holders of a majority of the capital stock of a railroad company which has
no bonded indebtedness and does not receive for the operation of its road money sufficient
to pay expenses or has not commenced or fully completed the construction of its railroad,
or when two-thirds in interest of all the stockholders, whether with or without voting
powers and without regard to class, of a railroad company of this State which has,
with the consent or approval of the Board of Public Utility Commissioners of this
State, ceased the operation of the whole of its railroad, shall determine to dissolve
the company, such company may be dissolved by filing with the Secretary of State a
certificate of such determination under its corporate seal attested by its president
and secretary with the consent in writing signed by said majority or two-thirds of
stockholders or their respective proxies, verified by the secretary of such company. Upon the filing of such certificate the corporation shall be dissolved and all its
rights and franchises shall be ended. Thereupon the directors shall, as trustees for the creditors and stockholders, sell
and convert into cash all its property and assets and apply the proceeds thereof to
the debts of the company and the necessary expenses of the trustees and distribute
any balance among the shareholders. The State Treasurer shall pay to the trustees any money of the company deposited with
him when the certificate of incorporation or survey of route was filed, upon the production
of a copy of the certificate of dissolution and the filing with him of an affidavit
of the president, secretary and treasurer of the company that all its debts have been
paid.
Frequently Asked Questions About New Jersey § 48:12-150
What does New Jersey Statutes § 48:12-150 cover?
Section 48:12-150 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 48:12-150?
A common citation format is "New Jersey Statutes § 48:12-150" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 48:12-150 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.