New Jersey Statutes 18A:64-36. Acceptance of gifts
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Terms Used In New Jersey Statutes 18A:64-36
- Bequest: Property gifted by will.
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
11. An auxiliary organization may accept any grant, contract, bequest, trust or gift unless the Board of Trustees determines that acceptance would be contrary to policies of the institution or inconsistent with public policy.
L.1982,c.16,s.11; amended 1994,c.48,s.105.