N.J. Stat. Ann. § 48:9-31

Nothing contained in this article shall be construed to interfere with the right of the state reserved by any law to acquire the property and franchises of any such company, or at any time to abolish, repeal, alter or amend the charter of any such company, nor shall this article be construed to continue in force any irrepealable or other contract with the state contained in any charter, beyond the time originally fixed for its expiration.