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Terms Used In New Jersey Statutes 13:1L-8.2

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
2. a. There is established a nonprofit, educational, and charitable organization to be known as the New Jersey State Parks and Open Space Foundation. The foundation shall be devoted to the raising of funds to be used for (1) improvements to natural or artificial assets, including the planning, design, construction, installation, renovation, repair, or restoration thereof, which are designed to expand and enhance the utilization of State parks and open space, and county and municipal parks and open space, for recreation and conservation purposes and the equitable access thereto; and (2) activities, beyond the routine operations of State parks and open space, or county and municipal parks and open space, which are intended to enhance public programming and recreational and educational offerings, restore or maintain public accessibility to the natural resources of the State, or support operation and maintenance activities attendant thereto. Funds raised by the foundation shall be supplementary to State and federal funds received by the department for these purposes.

b. The foundation shall be incorporated as a New Jersey nonprofit corporation pursuant to N.J.S. 15A:1-1 et seq., and shall be organized and operated in such manner as to be eligible under applicable federal law for tax-exempt status and for the receipt of tax-deductible contributions. The foundation shall be a separate and independent entity from the State and any State department, and shall have all of the rights and powers of a corporation organized under N.J.S. 15A:1-1 et seq.

c. The department may provide financial assistance and the services of employees of the department as may be required to form and incorporate the foundation within the limits of funds appropriated to the department or otherwise made available to the department for these purposes. Once the foundation is incorporated, the foundation may apply for grants-in-aid from any department or instrumentality of the State as may be necessary to supplement other funding raised by or otherwise made available to the foundation.

L.2023, c.256, s.2.

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