N.J.S.A. 16:1-22 — Sale or disposition of trust property; law applicable; disposition of proceeds

16:1-22. Sale or disposition of trust property; law applicable; disposition of proceeds When an incorporated religious society or any officers or trustees thereof hold real estate granted, conveyed or devised by deed, will or otherwise, appropriating the rents, issues and profits of any such real estate to specific uses and purposes, but without power to sell, convey or otherwise dispose of the same, such society, officers or trustees may sell, convey or otherwise dispose of the same in accordance with the provisions of sections 15:14-7 to 15:14-11 of the title Corporations and Associations Not for Profit. The proceeds of any such sale shall be disposed of as provided in said sections 15:14-7 to 15:14-11.

This is the verbatim text of N.J.S.A. 16:1-22, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.