New Jersey § acts:saved-46 - (7)

§ acts:saved-46. (7)

7. Such company, by its corporate name, so as aforesaid certified, shall be capable

of purchasing, holding and conveying lands and tenements, goods and chattels, and

of doing and performing all other acts and things necessary or proper for accomplishing

the objects of such company contemplated by this act; they may purchase land and

issue bonds, secured by mortgage, in payment of such portion of the purchase money

as it may not be convenient to pay in cash, but at no time shall the amount of land

held by such company exceed twenty-five thousand acres; and they may sell and dispose

of their said lands in convenient quantities to settlers and others, at fair and reasonable

prices, and on fair and reasonable terms; or they may sell the said lands in shares

and issue certificates therefor, each share when full paid entitling the holder to

a certain portion of land not exceeding one hundred acres, and to the occupancy of

said lands under such restrictions and regulations as may be adopted by the association

after payment of a portion of the installments; and no premium given for priority

of choice of land or for loans or discount on the redemption of shares or bonds shall

be deemed to be usurious.