New Jersey Statutes 40:151-48. Fire districts created by legislature; assets and debts of old district distributed
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Terms Used In New Jersey Statutes 40:151-48
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- territory: extends to and includes any territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
Whenever any fire district shall have been created by any act of the legislature defining the territory to be comprised in said fire district such fire district shall have and own all the property and assets used for fire purposes which at the time of its incorporation belonged to or was vested in any other fire district existing within its limits. It shall also be liable to pay its proportionate amount of property, assets or indebtedness which shall be ascertained in the manner hereinafter in sections 40:151-49 to 40:151-53 of this title provided.