Securities of a local unit purchased by it shall not be canceled but may be sold as and when directed by resolution adopted by a majority vote of all the members of the governing body.
N.J. Stat. Ann. § 40A:5-15.3
Securities of local unit purchased by it not to be canceled; sale thereafter
Known as the Local Fiscal Affairs Law
The act spans §§ 40A:5-1 to 40A:5-9 (70 sections).
L.1977, c. 396, s. 10, eff
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.