48:12-93. Stocks and bonds; mortgages; approval Any company owning or constructing a subsurface railroad and station or stations pursuant to section 48:12-91 of this title may provide the money to defray the cost thereof and approaches thereto by the issue and sale of its stocks or bonds or both, and may secure payment of any such bonds by mortgage or deed of trust. Any proposed issue of such stocks and bonds shall be first approved by the board of public utility commissioners.
New Jersey Legal Code