N.J. Stat. § 48:24-7

Current through L. 2024, c. 87.

Section 48:24-7 - Powers of rural electric cooperative

A rural electric cooperative existing under P.L. 2017, c. 297(C.48:24-1 et al.) shall have the power:

a. To generate, manufacture, purchase, acquire, and accumulate electric energy and to transmit, distribute, sell, furnish, and dispose of that electric energy to its members; and to construct, erect, purchase, lease as lessee and, in any manner, acquire, own, hold, maintain, operate, sell, dispose of, lease as lessor, exchange, and mortgage plants, buildings, works, machinery, supplies, equipment, apparatus, and transmission and distribution lines or systems necessary, convenient, or useful;

b. To assist its members to wire their premises and install therein electrical and plumbing fixtures, machinery, supplies, apparatus, and equipment of all kinds and character and, in connection therewith and for those purposes, to purchase, acquire, lease, sell, distribute, install, and repair electrical and plumbing fixtures, machinery, supplies, apparatus, and equipment of all kinds and character;

c. To receive, acquire, endorse, pledge, hypothecate, and dispose of notes, bonds, and other evidences of indebtedness;

d. To use any highway or any right-of-way, easement, or other similar property right owned or held by the State or any political subdivision thereof, in connection with the acquisition, construction, improvement, operation, or maintenance of its lines;

e. To have and exercise the power of eminent domain for the same purposes and in the same manner as electric public utilities within the State;

f. To fix, regulate, and collect rates, fees, rents, or other charges for electric energy and any other facilities, supplies, equipment, or services furnished by the cooperative;

g. To accept gifts or grants of money, services, or property, real, or personal; and

h. To do and perform, either for itself or its members or for any other cooperative, or for the members thereof, all acts necessary and to have and exercise any and all powers as may be necessary, convenient, or appropriate to effectuate the purpose for which the cooperative is incorporated.

N.J.S. § 48:24-7

Added by L. 2017, c. 297, s. 7, eff. 1/16/2018.