40:62-129.Ā  Commission to operate works and manage supply;Ā  agreement for At any time after waterworks shall have been acquired in pursuance of sections 40:62-108 to 40:62-150 of this title, the governing bodies of the municipalities owning the same may enter into an agreement prescribing a methodĀ  of electing or appointing a commission to succeed the commission appointed asĀ  provided in section 40:62-109 of this title.Ā  The agreement so made shallĀ  specify the number of persons to constitute the commission, their term or termsĀ  of office, method of organization, and powers, duties and compensation, but theĀ  members of the commission may agree to serve without, or at a nominalĀ  compensation.Ā  Such agreement shall also provide for the appointment orĀ  election of a secretary, treasurer, and such other officers as may beĀ  necessary, and prescribe their duties and compensation, and contain such otherĀ  provisions as may be necessary for the maintenance and efficient operation ofĀ  such waterworks, the extension and enlargement thereof, and the properĀ  management of its financial affairs;Ā  and may be amended from time to time.

The governing bodies of all municipalities owning the waterworks shall haveĀ  an opportunity to approve or disapprove any proposed agreement or amendmentĀ  thereof, and any such agreement or amendment thereof shall be valid whenĀ  assented to by the governing bodies of the municipalities containing at leastĀ  two-thirds of the population of all municipalities owning such waterworks.
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