New Jersey Statutes 40:37-11.3. Gifts or trust funds for park purposes; investment
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Terms Used In New Jersey Statutes 40:37-11.3
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Whenever any county park commission receives any gift of funds for park purposes, or is the recipient of any trust funds for such purposes, the commission may, in its discretion, invest and keep invested the moneys of such funds, so far as the same can be done in securities authorized by law for the investment of trust funds.
L.1973, c. 29, s. 1, eff. Feb. 16, 1973.