New Jersey Statutes 40A:20-5.1. Urban renewal entity; qualification
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Terms Used In New Jersey Statutes 40A:20-5.1
- 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.
2. The provisions of section 5 of P.L.1991, c.431 (C. 40A:20-5) to the contrary notwithstanding, a nonprofit corporation organized for the purpose of developing, constructing and operating a qualified subsidized housing project may qualify as an urban renewal entity under P.L.1991, c.431 (C. 40A:20-1 et seq.) if its certificate of incorporation is in conformity with the requirements of the federal agency subsidizing the project.
L.1994,c.87,s.2.