New Jersey Statutes 27:12-1. Disposition of property not needed for public use
Terms Used In New Jersey Statutes 27:12-1
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- municipal corporation: include cities, towns, townships, villages and boroughs, and any municipality governed by a board of commissioners or an improvement commission. See New Jersey Statutes 1:1-2
- 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
a. Sell at private sale, for not less than the amount paid therefor by the State, to any municipal corporation or to any public board or commission, for public use only; provided, however, that the State Highway Commissioner is empowered to convey upon such terms as he may deem proper to any municipal corporation or to any public board or commission for road and bridge purposes only any lands acquired by the State of New Jersey for road and bridge purposes;
b. Lease to any municipal corporation or to any public board or commission, for public use only;
c. Sell at public sale to the highest bidder; and
d. Exchange for other lands–
All or any portion of such real estate, or any interest therein, with or without improvements thereon, including the hereditaments, appurtenances, easements and rights of way, and make the necessary conveyance of same.
Amended by L.1938, c. 407, p. 1196, s. 1; L.1954, c. 74, p. 443, s. 1.