New Jersey Statutes 48:24-2. Definitions relative to rural electric cooperatives
Terms Used In New Jersey Statutes 48:24-2
- census: means the latest Federal census effective within this State. See New Jersey Statutes 1:1-2
- 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.
- Devise: To gift property by will.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- population: when used in any statute, shall be taken to mean the population as shown by the latest Federal census effective within this State, and shall be construed as synonymous with "inhabitants. See New Jersey Statutes 1:1-2
- 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
“Acquire” means to construct or by purchase, lease, devise, gift, or other mode of acquisition.
“Board” means the board of directors of a rural electric cooperative.
“Federal agency” means any department, administration, commission, board, bureau, office, establishment, agency, authority, or instrumentality of the United States of America.
“Member” means the incorporators of a rural electric cooperative and each person thereafter lawfully admitted to membership therein.
“Obligations” means bonds, notes, debentures, interim certificates, or receipts, and all other evidence of indebtedness, whether secured or unsecured, issued by a rural electric cooperative.
“Person” means any individual or entity but shall not include any Federal agency, state, or any political subdivision thereof.
“Rural area” means any area included within the boundaries of any municipality that, as of the date of the rural electric cooperative’s articles of incorporation, has a population of 30,000 inhabitants or less and a population density less than 4,000 persons per square mile, according to the latest federal decennial census, including both the farm and nonfarm population thereof.
“Rural electric cooperative” or “cooperative” means a nonprofit corporation entitled to the rights, benefits, and protections established under P.L.2017, c.297 (C. 48:24-1 et al.).
L.2017, c.297, s.2.