New Jersey Acts Saved from Repeal ACTS SAVED 46 § 7-9(7)

7. Such company, by its corporate name, so as aforesaid certified, shall be capable of purchasing, holding and conveying lands and tenements, goods and chattels, and of doing and performing all other acts and things necessary or proper for accomplishing the objects of such company contemplated by this act; they may purchase land and issue bonds, secured by mortgage, in payment of such portion of the purchase money as it may not be convenient to pay in cash, but at no time shall the amount of land held by such company exceed twenty-five thousand acres; and they may sell and dispose of their said lands in convenient quantities to settlers and others, at fair and reasonable prices, and on fair and reasonable terms; or they may sell the said lands in shares and issue certificates therefor, each share when full paid entitling the holder to a certain portion of land not exceeding one hundred acres, and to the occupancy of said lands under such restrictions and regulations as may be adopted by the association after payment of a portion of the installments; and no premium given for priority of choice of land or for loans or discount on the redemption of shares or bonds shall be deemed to be usurious.