40:54-19.3 - Investment of funds; regulation of bonds or securities
40:54-19.3. Investment of funds; regulation of bonds or securities
The board of trustees of the free public library may invest its funds in any interest-bearing obligations of the United States of America, or in interest-bearing bonds of the State of New Jersey, or any county or municipality of said state, or in any other securities authorized for investments by trustees under and in accordance with the provisions of article 2 of chapter 15 of Title 3A of the New Jersey Statutes, but the authorization to invest funds in any such obligations or bonds or securities shall be by resolution adopted by a majority vote of all the members of the board of trustees at any regular or special meeting of the board.
All such obligations or bonds or securities shall be registered in the official name of the board of trustees.
As used in this section invest means the buying and selling of authorized obligations, bonds and securities.
L.1942, c. 139, p. 430, s. 3. Amended by L.1968, c. 217, s. 1, eff. July 24, 1968; L.1973, c. 344, s. 1, eff. Dec. 27, 1973.