New Jersey Statutes 40A:20-16.1. Payment of net profits to municipality; condition
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Terms Used In New Jersey Statutes 40A:20-16.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
5. The provisions of section 16 of P.L.1991, c.431 (C. 40A:20-16) to the contrary notwithstanding, a nonprofit corporation that is the sponsor of a qualified subsidized housing project shall not be required to pay over to the municipality its net profits, if any, for any year in which it is subject to federal requirements concerning residual receipts.
L.1994,c.87,s.5.