16:1-22 - Sale or disposition of trust property; law applicable; disposition of proceeds - New-jersey Statutes

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Statutes > New-jersey > Title-16 > Section-16-1 > 16-1-22

16:1-22. Sale or disposition of trust property; law applicable; disposition of proceeds
When an incorporated religious society or any officers or trustees thereof hold real estate granted, conveyed or devised by deed, will or otherwise, appropriating the rents, issues and profits of any such real estate to specific uses and purposes, but without power to sell, convey or otherwise dispose of the same, such society, officers or trustees may sell, convey or otherwise dispose of the same in accordance with the provisions of sections 15:14-7 to 15:14-11 of the title Corporations and Associations Not for Profit.

The proceeds of any such sale shall be disposed of as provided in said sections 15:14-7 to 15:14-11.

State Codes and Statutes

Statutes > New-jersey > Title-16 > Section-16-1 > 16-1-22

16:1-22. Sale or disposition of trust property; law applicable; disposition of proceeds
When an incorporated religious society or any officers or trustees thereof hold real estate granted, conveyed or devised by deed, will or otherwise, appropriating the rents, issues and profits of any such real estate to specific uses and purposes, but without power to sell, convey or otherwise dispose of the same, such society, officers or trustees may sell, convey or otherwise dispose of the same in accordance with the provisions of sections 15:14-7 to 15:14-11 of the title Corporations and Associations Not for Profit.

The proceeds of any such sale shall be disposed of as provided in said sections 15:14-7 to 15:14-11.

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State Codes and Statutes

Statutes > New-jersey > Title-16 > Section-16-1 > 16-1-22

16:1-22. Sale or disposition of trust property; law applicable; disposition of proceeds
When an incorporated religious society or any officers or trustees thereof hold real estate granted, conveyed or devised by deed, will or otherwise, appropriating the rents, issues and profits of any such real estate to specific uses and purposes, but without power to sell, convey or otherwise dispose of the same, such society, officers or trustees may sell, convey or otherwise dispose of the same in accordance with the provisions of sections 15:14-7 to 15:14-11 of the title Corporations and Associations Not for Profit.

The proceeds of any such sale shall be disposed of as provided in said sections 15:14-7 to 15:14-11.