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New Jersey Statutes, Title: 40, MUNICIPALITIES AND COUNTIES

    Chapter 60: Property of certain societies transferred in trust to municipality; purposes

      Section: 40:60-12: Purchase of lands adjoining trust lands; bonds; use of income and proceeds

           Any society or organization designated in section 40:60-10 of this title may sell to the municipality any lands owned by it and adjoining the lands conveyed in trust as provided in said section 40:60-10. The municipality may purchase such adjoining lands for the purposes aforesaid, and may issue bonds not to exceed ten thousand dollars in payment therefor; provided, that the interest accruing upon said bonds shall be used and devoted for the purpose of maintaining said trust and carrying out the purposes thereof.



This section added to the Rutgers Database: 2012-09-26 13:37:52.






Older versions of 40:60-12 (if available):



Court decisions that cite this statute: CLICK HERE.