N.J.S.A. 16:10A-12

Proceeds from sale or mortgage not available for current church expense

16:10A-12. Proceeds from sale or mortgage not available for current church expense The real estate on which a church building or parsonage of a local church of The United Methodist Church is located shall not be mortgaged or encumbered to provide for the current expense of such church, nor shall the principal of the proceeds of the sale of any such property be so used. L.1968, c. 235, s. 11, eff. July 31, 1968.

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This is the verbatim text of N.J.S.A. 16:10A-12, 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.

N.J.S.A. 16:10A-12 — Proceeds from sale or mortgage not available for current church expense | Kyzer