13:18A-42 - Sales by board of credits - New Jersey Statutes

13:18A-42.   Sales by board of credits
    a.   The board may sell, exchange, or otherwise convey or retire any pinelands development credit which is purchased or otherwise acquired pursuant to the provisions of this act.  All sales, exchanges, conveyances or retirements shall be made prior to the expiration of this act.  The provisions of any other law to the contrary notwithstanding, no such sale, exchange, conveyance or retirement shall be subject to approval of the State House Commission.

   b.   When the board sells, exchanges, or otherwise conveys or retires a pinelands development credit, it shall do so in a manner which shall not substantially impair the private sale of pinelands development credits.  The board may convey a pinelands development credit without remuneration for use in projects that satisfy a compelling public purpose only by an affirmative vote of two-thirds of its members.

   L. 1985, c. 310, s. 13, eff. Aug. 28, 1985.