55:14J-44. Return of funds free of pledge or lien; retention of earnings
143 words·~1 min read·
/nj/title-55/chapter-14j/55-14j-44·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To the extent that moneys paid to the New Jersey Housing Finance Agency pursuant to section 3 of this act have been paid into any reserve fund or funds created by the New Jersey Housing Finance Agency, all moneys which are returned to or received by the agency from such reserve funds free of any pledge or lien in favor of any of the notes, bonds or other obligations of the agency and remain free of such obligations of the agency for 90 days shall be returned to the State Treasurer to be held by him in the Mortgage Assistance Fund.
Any net earnings received from the investment or deposit of said reserve funds under the control of the New Jersey Housing Finance Agency shall be paid into the administrative fund of said agency.
L.1976, c. 133, s. 4, eff. Dec. 27, 1976.