N.J. Stat. § 48:9-25.9: Rights of corporation to which sale, transfer, conveyance and assignment has been made

The corporation to whom such sale, transfer, conveyance and assignment has been made, shall, thereupon, have and possess all the rights, powers, and privileges to and in such franchises, consents, permits, rights, authorizations, designations or similar privileges, as the transferring corporation had and may exercise all rights, powers and privileges to and in such franchises, consents, permits, rights, authorizations, designations or similar privileges, to the same extent as if the transferring corporation were exercising the same.

L.1952, c. 34, p. 124, s. 2, eff. April 16, 1952.