N.J.S.A. 40:60-12 — Purchase of lands adjoining trust lands; bonds; use of income and proceeds

40:60-12. Purchase of lands adjoining trust lands; bonds; use of income and proceeds Any society or organization designated in section 40:60-10 of this title may sell to the municipality any lands owned by it and adjoining the lands conveyed in trust as provided in said section 40:60-10. The municipality may purchase such adjoining lands for the purposes aforesaid, and may issue bonds not to exceed ten thousand dollars in payment therefor; provided, that the interest accruing upon said bonds shall be used and devoted for the purpose of maintaining said trust and carrying out the purposes thereof.

This is the verbatim text of N.J.S.A. 40:60-12, 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.