§ 46:7-8 — Grants, conveyances or devises to or in trust for associations not for profit prior to incorporation thereof

New Jersey § 46:7-8

• Jurisdiction: New Jersey
• Title 46: PROPERTY

Text

Whenever real estate has been, prior to March thirtieth, one thousand nine hundred and thirty-one, granted, conveyed or devised to associations not for pecuniary profit or to any person or persons as officers, trustees or otherwise on behalf of or in the interest of any such association, upon condition that such real estate so granted, conveyed or devised shall be held in trust for specific uses and purposes, or the rents, issues and profits thereof be appropriated to specific uses and purposes, and such associations, or the persons acting in behalf thereof, were not, at the time of making such grant, conveyance or devise, an incorporated body, but shall have subsequently become an incorporated body in the manner provided by "An act to incorporate associations not for profit" approved April twenty-first, one thousand eight hundred and ninety-eight, and the acts amendatory thereof and supplementary thereto, the title to the real estate so granted, conveyed or devised as aforesaid, shall vest in the incorporated association as effectually as if it had been incorporated at the time of such grant, conveyance or devise, and such grant, conveyance or devise had been made directly to the incorporated association, and the incorporated association shall have the same right to convey such real estate as the unincorporated association, or the person or persons to whom such grant, conveyance or devise was made as officers or otherwise on behalf of or in the interest of such unincorporated association, and any deed made by such incorporated association, its trustees or officers, shall be valid and effectual in law.