Terms Used In New Jersey Statutes 40:60-16

  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
When the governing body shall determine by ordinance to erect any such public memorial building, provision therein shall be made for the acceptance by the municipality of gifts of real or personal property from any person for such purpose. The ordinance shall provide for the acquisition of a suitable site for the memorial, to be acquired in whole or in part, as may be necessary, by purchase, condemnation or gift, and shall appropriate such sum of money as may be necessary to accomplish the purpose, over and above the amount or portion raised or to be raised by gift or subscription. Such ordinance shall also indicate therein the proportion the sum appropriated is to bear to the whole cost, including the furnishing and equipment thereof. The construction of the memorial shall not be begun nor finally contracted for, as hereinafter provided, until the full amount to be raised by gift or contribution has been received by the municipality.
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