The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-06-15
ccLxxxvII.

An Act TO enable the city council or other govern
ing Lody OF any municipality Of this state to ac
ceDt trusts and purchase property Tor the pur-
pose OF carrying out said trusts.
and religious doass orgsnizations Of this state possessed
of Personal property ami valuable real estate in
mmens Of numerous eScsIient free schools and
pubic institutions of a like character renders 1t
and organizations to continue the maintenance
OF such society or organization for the purposes
for which 1t was created, and which said socist-
les or organizations are DESTROYS OF convey ing 10
the municipality In which they are located. per-
purpose Of public buildings and also for the pur-
pose OF main tanning a free reading room, library.
also to seil to said municipality certain real
estate adjoining properly which they desire 70
purposes aforesaid. the income from which ad
Joining property. SO TO DO sold. shah be used by
sal m ur icipality Tor the purpose of carrying out
the terms aud conditions OF said trust and whereas
the said societies or organizations desire 70
pAlity In order that there may be maintained a
I plsee r ior ! frss secures sSoal; n on pyhii sno hmesSd mscS ham :
cal and kindred subjects. which tend 60 elevate
shs p bens6s al 10 a me co, som M ri ans gsS and a Mae re oa s sHel
purpose can on,y be accomplished by a trust
and municipal corporations are the Only form Of
corporations In this state which have any assur-
a sess 3 bep s attteined b s1a the tnsri II tsrv suiR D0i Of SONS Hns
municipality; therefore.
sembiy Of the STATE Of New Jersey. That it shall
and may be lawful for the city council or other
governing DOQy OK any municipality OL Ills bIdto
TO accept any trusts for the purposes aforesaid,
and TO appoint any number OF trustees designated
by the terms ana under the conditions OF the deed
or instrument creating the trust ana conveying
the real or personal estate. or both. to said munict
pality; and It shall also be lawful for the said city
council or other governing body of said munich
patty to purchase lands belonging to said society
or organization, adjoining the lands conveyed 70
said municipality Tor the purposes aforesaid. and
TO issue bonds TO an amount not exceeding ten
purchased; provided, that the interest accruing
upon said ponds shall be used and DEVOTED Tor the
purpose OF maintaining said trust and carrying
uut tine purposes thereof.
4. And be it enacted, ahst nothing herein CON
tanned shah be Construed to make agy munich
pality liable for the misappropriation of the funds
created by said trust, nor to make good any Oh
miuution thereof resulting from the wrongful acts
or its agents or any person or persons appointed IN
conformity with the terms and conditions OF the
deed or instrument creatlnn said trust; provided.
however. should any agent or onhoer OF said
municipality be under bonds thereto and upon
default, the municipality should recover from the
sur6ties on said bond o sum sufficient to pay or
make good the amount of misrepresentation OF
said funds OF said trust, then said municipality
snail make good the same oui OF the amount so
received; ana provided further, that any misap-
Precipitation OF tine funds aforesaid shall in no wise
affect the trust aforesaid.
s. And be IL enacted, That all acts or parts of acts
incon sisUent with the provisions OF this act be and
The same are hereby appealed.
". And be 1t enacted, That this act shall taxi
effect Immediately.
Approved April ). 1893,