2023 New Jersey Statutes 18A:71B-100. Board of trustees
b. Each public member of the board shall serve for a term of three years and until a successor shall have been appointed and qualified; except that of the first members appointed, two shall serve for one year, three shall serve for two years and four shall serve for three years. Any vacancy in the membership of the board shall be filled in the same manner as the original appointment for the remainder of the unexpired term.
c. Members of the board shall serve without compensation. Reasonable expenses of the board shall be paid out of the fund proceeds, subject to approval by the State Treasurer.
d. The board shall have the following duties and responsibilities:
(1) determine eligibility for a scholarship from the fund;
(2) determine the amount of each scholarship award;
(3) report annually to the Governor and the Legislature on the performance of its duties in accordance with the provisions of this act;
(4) solicit and raise private funds to finance the Military Dependents Scholarship program; and
(5) receive and disburse such contributions to the fund as may be forthcoming from private and public sources.
L.2015, c.117, s.3.