Prohibit payment of dividends except from surplus or net profits
48:2-29.1. Prohibit payment of dividends except from surplus or net profits
The board may, after hearing upon notice, by order in writing, prohibit any public utility from paying dividends except from surplus or net profits as permitted by the law of this state and require any public utility to comply with the law of this state with respect to the payment of dividends.
This is the verbatim text of N.J.S.A. 48:2-29.1, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. KyzerLex is not a law firm and this page is not legal advice.