New Jersey Statutes 18A:11-10. Board of Education may receive property for awarding scholarships
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Terms Used In New Jersey Statutes 18A:11-10
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Higher education: means that education which is provided by any or all of the public institutions of higher education as herein defined and any or all equivalent private institutions. See New Jersey Statutes 18A:1-1
- Inter vivos: Transfer of property from one living person to another living person.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
2. Any board of education may accept, receive, add to and hold in trust real or personal property, heretofore or hereafter acquired by inter vivos or testamentary gift, for the purpose of awarding scholarships to students for higher education in colleges, universities and graduate schools, whether located within or without this State, upon such terms and conditions, not inconsistent with this section, as may be imposed by the donor of the property. The board shall, by resolution, provide for the acceptance, application, custody and management of property donated to it for higher education scholarship purposes.
L.1999,c.46,s.2.