New Jersey Statutes 18A:20-4. Acceptance and use of gifts
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Terms Used In New Jersey Statutes 18A:20-4
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Personal property: All property that is not real property.
- Personal property: includes goods and chattels, rights and credits, moneys and effects, evidences of debt, choses in action and all written instruments by which any right to, interest in, or lien or encumbrance upon, property or any debt or financial obligation is created, acknowledged, evidenced, transferred, discharged or defeated, in whole or in part, and everything except real property as herein defined which may be the subject of ownership. See New Jersey Statutes 1:1-2
The board of education may accept any gift or grant of land with or without improvement, and of money or other personal property, without additional authorization or authority, and may:
a. Expend any such money or use any such personal property, without any additional authorization or authority, in the equipment of any building for school purposes; or
b. Expend such moneys in the construction of a building for school purposes, or addition thereto, and the equipment thereof but only if such expenditure and the expenditures of any additional moneys required to be expended in connection with such construction shall be authorized in the manner prescribed by law for the construction of buildings for school purposes or additions thereto.
L.1967, c.271.