New Jersey § 48:3-21

§ 48:3-21.

Whenever the property, rights, powers, immunities, privileges and franchises of any

turnpike, bridge, plank road, gas, water, or gas and water corporation created by

or under any law of this state, shall be or has been sold and conveyed under and by

virtue of any process or decree of any court of this state, or of the district court

of the United States, the person or persons for or on whose account such property,

rights, powers, immunities, privileges and franchises may be purchased shall be and

they are hereby constituted a body politic and corporate, and shall be and they are

vested with all the right, title, interest, property, possession, claim and demand

in law and equity of, in and to such turnpike, bridge, plank road, gas, water, or

gas and water company, with its appurtenances and with all the rights, powers, immunities,

privileges and franchises of the corporation as whose the same may have been sold,

and which may have been granted to or conferred thereupon by any law of this state

in force at the time of such sale or conveyance. The persons for or on whose account any such property, rights, powers, immunities,

privileges and franchises of such corporation which may or shall have been purchased

under and by virtue of any process or decree of any court of this state or of the

district court of the United States, may organize such new corporation by the election

of such officers and directors, issue such certificates of stock, create and issue

such preferred stock, and from time to time issue such bonds, and secure the same

as was authorized by the act or acts under and by which such former corporation was

created.