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The New Jersey Economic Development Authority in the Department of Labor and Industry, established pursuant to P.L.1974, c. 80 (C. 34:1B-1 et seq.), together with all its functions, powers, and duties, is continued and transferred to the Department of Commerce and Economic Development. This shall not affect the terms of office of the present members of the authority.

L.1981, c. 122, s. 12, eff. April 16, 1981.