N.J. Stat. tit. 49, ch. 2

N.J. Stat. tit. 49, ch. 2
in effect

N.J. Stat. § 49:2-1 Obligations of United States; authority to act as selling and issuing agents

Notwithstanding the provisions of any other law, all individuals, partnerships, associations and corporations organized, operating or doing business under the laws of this State are hereby authorized, upon designation by and qualification with the Secretary of the Treasury of the United States or under his authority, to act as selling and issuing agents for the sale and issue of obligations of the United States, during the period of any emergency proclaimed by the President of the United States and during the period in which a state of war exists between the United States and a foreign nation. L.1942, c. 125, p. 409, s. 1.

N.J. Stat. § 49:2-2 Short title

This act shall be known and may be cited as the "Public Obligation Registration Act." L.1983, c. 243, s. 1, eff. July 1, 1983.

N.J. Stat. § 49:2-3 Definitions

As used in this act: a. "Book entry system" means a method of recording ownership which identifies the owner of an interest in the obligation; b. "Registered form" means an obligation which is registered as to both principal and any stated interest, and (1) the transfer of the obligation may be effected by the surrender of the old instrument and either the reissuance by the issuer of the old instrument to the new holder or the issuance by the issuer of a new instrument to the new holder, or (2) the right to the principal of, and stated interest on, the obligation may be transferred through a book entry system; c. "Obligation" means a bond, debenture, note, certificate or other evidence of indebtedness issued by a public issuer; and d. "Public issuer" means the State, or any county, municipality, school district, body corporate and politic, district or public authority, agency, commission or other public institution heretofore or hereafter created by the State, any county or municipality or by one or more counties or municipalities which is authorized to issue obligations. L.1983, c. 243, s. 2, eff. July 1, 1983.

N.J. Stat. § 49:2-4 Form of obligation

Obligations may be issued in registered form, and all or any portion of an issue of obligations may be issued in the form of a single bond or note to a bank, transfer agent, fiscal agent, registrar or other holder appointed by resolution or ordinance of the public issuer for the purpose of maintaining a book entry system. L.1983, c. 243, s. 3, eff. July 1, 1983.

N.J. Stat. § 49:2-5 Contracts regarding servicing of obligations

Any public issuer, pursuant to ordinance or resolution, may contract with any bank, trust company or national banking association, or other institution, depository or fiduciary, or any person, firm or corporation located within or without the State, for services with respect to the issuance, transfer, exchange, payment, authentication, or other servicing of any of its obligations. The contracts may be for a specified or unlimited period of time and on any terms or conditions approved by the public issuer, shall be valid and binding whether or not an appropriation with respect thereto has been made prior to authorization or execution, and shall not be subject to the provisions of the "Local Public Contracts Law," P.L.1971, c. 198 (C. 40A:11-1 et seq.); the "Public School Contracts Law," N.J.S. 18A:18A-1 et seq.; P.L. 1954, c. 48 (C. 52:34-6 et seq.); or any other laws requiring public bidding. Annual costs and expenses under contracts shall be budgeted, met and provided for by the public issuer in the same manner as is debt service on its obligations which are the subject thereof. Initial or start-up fees and costs under contracts shall be deemed to be costs of issuance of the obligations which are the subject thereof. L.1983, c. 243, s. 4, eff. July 1, 1983.

N.J. Stat. § 49:2-6 Execution of obligation; signature

Any obligation in registered form may be executed by the officer or officers of the public issuer authorized to do so with a facsimile signature in lieu of the manual signature of the authorized officer or officers, and the corporate seal of the public issuer, or a facsimile thereof, may be printed, engraved or otherwise reproduced on the obligation; provided that the obligation is authenticated by the authorized manual signature of, or on behalf of, a registrar, fiscal agent, transfer agent, trustee, paying agent or the like. L.1983, c. 243, s. 5, eff. July 1, 1983.

N.J. Stat. § 49:2-7 Powers as supplemental; inconsistent laws

The powers granted in this act shall be supplemental and additional to any powers conferred by other laws upon public issuers and not in derogation of any powers now existing. To the extent the provisions of this act are inconsistent with any other law, this act shall control. L.1983, c. 243, s. 6, eff. July 1, 1983.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026