New Jersey Statutes 52:18B-2. Purpose of act
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Terms Used In New Jersey Statutes 52:18B-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.
- 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
2. The purpose of this act is to authorize, create and establish a corporation empowered to acquire from the State all or a portion of the State’s tobacco receipts; to authorize the sale by the State of all or a portion of the State’s tobacco receipts to the corporation; to authorize the transfer to and the receipt by the corporation of such tobacco receipts; to authorize the corporation to issue securities of the corporation for the purposes authorized in this act, payable solely from and secured solely by such portion of the State’s tobacco receipts as the corporation may designate and pledge to secure the securities, together with the investment income thereon and any reserve funds created by the corporation from any portion of the proceeds of such securities; to authorize the corporation to hold and invest such portion of the net proceeds of the sale of the securities pending direction by the State and such portion of the State’s tobacco receipts sold to the corporation which are not pledged to secure securities of the corporation; and to authorize the corporation to manage such portion of the net proceeds of the sale of the securities pending direction by the State and all or a portion of the State’s tobacco receipts sold to the corporation for the purposes and in the manner authorized in this act.
L.2002,c.32,s.2.