New Jersey Statutes 40:54-19.1. Loan of funds received as gift or bequest
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Terms Used In New Jersey Statutes 40:54-19.1
- Bequest: Property gifted by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
The board of trustees of the free public library may, upon the application of the governing body of the municipality, loan, upon “tax anticipation notes” or “bond anticipation notes” of the municipality, any funds heretofore or hereafter received, either by the board of trustees of the free public library or by the governing body, as a gift or bequest for free public library purposes and being held and managed by the board of trustees, or subject to their direction pursuant to the provisions of article one of chapter fifty-four of Title 40 of the Revised Statutes, pending the use thereof for the purposes for which the gift or bequest was made.
L.1941, c. 67, p. 152, s. 1. Amended by L.1942, c. 139, p. 429, s. 1, eff. May 6, 1942.