New Jersey Statutes 34:15-138. Plan of operation
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Terms Used In New Jersey Statutes 34:15-138
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
10. a. The board shall create a plan of operation to ensure fair, reasonable, and equitable administration. The plan of operation and any amendments thereto shall become effective upon approval in writing by the board.
b. The plan of operation shall constitute the bylaws of the board and shall in addition to the requirements enumerated elsewhere in this act:
(1) establish procedures for handling the assets of the board;
(2) establish regular places and times for meetings of the board;
(3) establish procedures for records to be kept of all financial transactions of the board and its agents;
(4) contain such additional provisions as the board may designate necessary or proper for the execution of the powers and duties of the board.
L.1995,c.329,s.10.