New Jersey § 48:5-18

§ 48:5-18.

Every company incorporated, organized or existing under this article shall have power: Construction and maintaining bridges. a. To construct, maintain and operate its bridge or bridges. Surveys; entry on land. b. To locate and determine its route and works, and, for that purpose, to make such

surveys and tests for its proposed bridge or bridges as may be necessary to the selection

of the most advantageous location, and to enter upon lands and waters of any person,

doing no unnecessary injury to private or other property, and subject to responsibility

for all damages which shall be done thereto. Condemnation. c. Upon obtaining written permission of the board of public utility commissioners,

to condemn and take the land necessary for its business, in accordance with chapter

one of the Title Eminent Domain ( § 20:1-1 et seq. ). Acquisition of real estate. d. To acquire from time to time and to hold, operate and use all such real estate

and other property or any interest therein, and any existing ferry companies or the

rights and properties thereof, or any interest therein as may, in the judgment of

its directors, be necessary for the purpose of the construction, maintenance and operation

of its bridges, or to accomplish the objects of its incorporation, and to sell land,

rights or property thus acquired, when not necessary for such purposes and objects. Bonds and mortgages; usury as defense. e. To borrow such sums of money as shall be necessary to construct, improve, extend

or repair its bridges, and to furnish all lands and other property necessary for its

purposes, and for such purpose to issue and sell its bonds secured by mortgage on

its lands, bridges, chattels, franchises and appurtenances. No such company shall plead any statute against usury in any action at law or in

equity to enforce the payment of a bond or mortgage executed under the provisions

of this section. In the case of any such company in this State, the amount of whose debts shall have

been limited by special law, the written consent of the holders of at least two-thirds

of all of who shall issue bonds of any such company to an amount greater than that

its stock shall be obtained before any mortgage shall be executed. A person who shall issue bonds of any such company to an amount greater than that

authorized by law shall be guilty of a misdemeanor. Where a mortgage on a bridge right of way and franchise includes chattels, it shall

be sufficient notice and evidence thereof to record the same as a mortgage on real

estate. Real and personal property; mortgages; sale or lease; stock of other corporations;

successors' right. f. In the manner or mode of procedure and with the effect and subject to the restrictions

and liabilities prescribed by Title 14, Corporations, General, and as fully and completely

as a corporation organized under said Title 14, to purchase, take by devise or bequest,

hold and convey real and personal property, inside or outside of this State, and mortgage

any such real or personal property, and its franchises, to sell or exchange all or

substantially all of its property and assets, including its good-will, to lease its

property and franchises to any other corporation, to purchase and dispose of the stock

of any other corporation and pay therefor, to enter into, effect and carry out a joint

agreement with any other corporation or corporations for their merger or consolidation,

and to dissolve or be dissolved and be wound up. The powers and privileges conferred upon any such company and described in subparagraph

f of this section shall be vested in such company and may be fully and completely

exercised by it at its discretion notwithstanding any restriction, limitation, condition

or other provision in this article contained or implied, but in the event of conveyance

or mortgage of any bridge constructed by such company or the sale or exchange of all

or substantially all of its property and assets or the effecting and carrying out

of a joint agreement with any other corporation or corporations for their merger or

consolidation or the dissolution and winding up of such company, any person, partnership,

corporation or public body thereby acquiring such bridge or otherwise succeeding to

the rights, privileges, powers and franchises of such company with respect to such

bridge (hereinafter called “successor”) and the successor's right, title and interest

in and to such bridge shall be subject to and governed by all of the restrictions,

limitations, conditions or other provisions in this article contained or implied and

such successor shall, for all the purposes of this section and sections 48:5-19 to 48:5-24 , inclusive, of this article, be deemed to be a company incorporated, organized or

existing under this article; provided, however, that if such successor be this State,

or any county or municipality thereof, or any bridge commission, bridge authority,

public officer, board, commission or agency or other public body, created by or in

any such State, county or municipality, then and in such case (1) the power and privilege

conferred by the provisions of section 48:5-19 of this article upon the company and any successor to demand and receive sums of

money for the use of such bridge and for other services connected with such bridge

shall cease and determine at the expiration of forty-five years after the opening

of such bridge for public use, and in consideration thereof (2) such bridge and the

necessary approaches and appurtenances thereto shall not be subject to acquisition

by, or be subject to becoming the property of, any State or States, municipality or

municipalities, under the terms and provisions of sections 48:5-22 , 48:5-23 or 48:5-24 of this article, and the right, title and interest of such State, county, municipality,

bridge commission, bridge authority, or public officer, board, commission, agency

or body in and to such bridge shall be perpetual.