48:15-12. Issuance of stock for stocks and securities of other corporations
Any street railway or traction company may purchase and hold real and personal property necessary and convenient for the business of such company, and also the stocks and securities of other corporations and may issue stock to the amount of the value thereof in payment therefor. Stock so issued shall be taken to be full paid stock and the holder thereof shall not be liable for any further payments or assessments thereon. The certificate for any stock so issued shall have legibly stamped upon its face "issued for property purchased" .
In all statements and reports of the company to be published, the stock shall not be reported or stated as being issued for cash but shall be reported according to the fact.
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Last modified: October 11, 2016