New Jersey Statutes 40:62-43. Contracts for power
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Terms Used In New Jersey Statutes 40:62-43
- Contract: A legal written agreement that becomes binding when signed.
- 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.
Any municipality engaging in the business of transportation may make a contract with any corporation or municipality furnishing power, for a supply of such power for use in the business of transportation for a period not exceeding five years.