New Jersey Statutes Title 48. Public Utilities 48 § 12-14

a. Purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of any shares of the capital stock of, or any bonds, securities or evidences of indebtedness created by any other corporation or corporations of this or any other state, and while the owner of such stock, exercise all the rights, powers and privileges of ownership, including the right to vote thereon;

b. Acquire, purchase, lease and hold any of the property, franchises, privileges or rights of any other corporation or corporations of this or any other state, and while the owner or lessee thereof, exercise all the rights, powers and privileges of ownership, including the right to operate any line of railroad or other means of transportation. The exercise of any such franchises, privileges or rights, including the operation of any line of railroad or other means of transportation acquired, purchased, leased or held under the provisions of this section, shall be subject to all of the provisions of this title;

c. Sell or otherwise dispose of any of its property, franchises, privileges or rights or any part thereof.

Nothing herein contained shall authorize any railroad company to exercise any of the powers conferred upon it by this section, without the approval of the board of public utility commissioners where such approval is required by law.