16:19-8. Property and income; application
116 words·~1 min read·
/nj/title-16/chapter-19/16-19-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of trustees shall devote the real and personal property held by them, and the income thereof, only to the purposes of the association, and so long as the board of directors shall so expend the same, the board of trustees shall pay over to the board of directors the income of the real and personal property of the association. In the discharge of the duties of the board of trustees it may constitute the finance committee of the board of directors, its agents for the repair, renting and collecting of the rents of the property of the association, or of the property held by the board of trustees for the use of the association.