New Jersey § 48:5-7

§ 48:5-7.

Every company organized under this article shall have power: I. To lay out a bridge or bridges with the proper approaches and to construct the

same, and for the purposes of cuttings and embankments to take as much more land as

may be necessary for the proper construction, maintenance, operation and security

of such bridge or bridges. No bridge shall exceed 50 feet in width unless more land shall be required for the

slopes of cuts and embankments; II. To construct suspension drawbridges over any channels, thoroughfares or small

creeks or rivers, but no such company shall build a bridge over any fresh water creek

or river which is more than 400 feet wide; III. To take and hold such voluntary grants of real estate and other property as may

be necessary for the construction, maintenance and accommodation of its bridge or

bridges; IV. To purchase, hold and use such real estate or other property as may be necessary

to accomplish the objects of its incorporation; V. To enter upon all lands or waters to explore, survey, and locate the route of any

such bridge, with the proper approaches and necessary buildings, appurtenances, and

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

to responsibility for all damages which shall be done thereto; VI. To condemn and take land necessary for its business, in accordance with chapter

1 of the Title Eminent Domain ( § 20:1-1 et seq. ); VII. To borrow such sums of money from time to time not to exceed in the whole the

amount of its capital stock, as shall be necessary to build, construct, maintain and

repair and keep in repair any such bridges with the necessary approaches, and to secure

the repayment thereof by the execution, negotiation and sale of bonds secured by mortgages

on its property and franchises; VIII. 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 or to any person, individual, partnership

or public body, 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 with any person, individual, partnership or public body 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

VIII 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, individual,

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, be he or it a person, individual, partnership, corporation or public

body, shall be subject to and governed by this section and sections 48:5-8 to 48:5-12 , inclusive, of this article. IX. To exercise all other powers hereby granted or now or hereafter lawfully granted

such corporations.