16:1-26. Disposition of funds for school purposes; action to determine disposition
125 words·~1 min read·
/nj/title-16/chapter-1/16-1-26A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When funds have been given to any person or corporation for the purpose of maintaining a school, or for the support of poor scholars in a school formerly maintained, on the property of a religious society, and such school has ceased to exist, the Superior Court, in a civil action by any such person or corporation may, if it be found impossible to carry out and comply with the trust fully, direct payment of the income from such funds to the maintenance of the property of such religious society, or for any other purpose nearest akin to the trust. The court may proceed in the action in a summary manner or otherwise.
Amended by L.1953, c. 16, p. 140, s. 2, eff. March 19, 1958.