New Jersey Statutes 16:19-4. Powers of board of trustees
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Terms Used In New Jersey Statutes 16:19-4
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
The board of trustees shall, by their corporate name, have power to:
a. Make and use a common seal, and alter or renew the same;
b. Sue and be sued;
c. Make by-laws and rules, consistent with law, for the management of its business and affairs, the convening or holding of its meetings, and the election or appointment, powers, duties and removal of its officers and agents, and to alter, amend or repeal the same; and
d. Acquire by purchase, gift, grant, devise, bequest or otherwise, and to hold any real or personal property for the uses of the association; and, with the consent of the board of directors, to sell, grant, assign, mortgage and dispose of the same or any part thereof.