New Jersey Statutes 40:60-11. Acceptance of property in trust; appointment of trustees
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Terms Used In New Jersey Statutes 40:60-11
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
The governing body of any municipality which is or shall be the beneficiary of such a trust may accept it for the purposes set forth in section 40:60-10 of this title and may appoint any number of trustees designated by the terms and under the conditions of the trust instrument.