New Jersey Statutes 48:24-3. Recognition, affirmation of rural electric cooperative
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Terms Used In New Jersey Statutes 48:24-3
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
3. A rural electric cooperative which organized as a rural electric cooperative under the general corporation laws of this State, is hereby recognized and affirmed as a rural electric cooperative entitled to the rights, benefits, and protections established under P.L.2017, c.297 (C. 48:24-1 et al.), if formed for any of the following purposes:
a. Furnishing of electric energy to persons who shall be members of the cooperative in rural areas who are not receiving service from an electric public utility;
b. Assisting in the wiring of the premises of persons in rural areas who are members of the cooperative or the acquisition, supply, or installation of electrical or plumbing equipment therein; and
c. Furnishing of electric energy, wiring facilities, electrical equipment, or services in rural areas to the members thereof.
L.2017, c.297, s.3.