New Jersey § 40:61-22.4 Lease of lands when fixed minimum price not bid

New Jersey Statutes

§ 40:61-22.4 — Lease of lands when fixed minimum price not bid

New Jersey § 40:61-22.4

Title 40MUNICIPALITIES AND COUNTIES

This text of New Jersey § 40:61-22.4 (Lease of lands when fixed minimum price not bid) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 40:61-22.4 (2026).

Text

In the event that there shall be no bids or the amount bid at such public sale shall not equal the minimum price fixed by resolution of the governing body, then the municipality in lieu of making sale thereof is authorized to lease said lands for a term not exceeding thirty years, at such rental and upon such conditions, terms and limitations as shall be determined upon by resolution of the governing body of such municipality. L.1938, c. 87, p. 206, s. 3, eff. April 4, 1938.

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In the event that there shall be no bids or the amount bid at such public sale shall not equal the minimum price fixed by resolution of the governing body, then the municipality in lieu of making sale thereof is authorized to lease said lands for a term not exceeding thirty years, at such rental and upon such conditions, terms and limitations as shall be determined upon by resolution of the governing body of such municipality. L.1938, c. 87, p. 206, s. 3, eff. April 4, 1938.