18A:20-12 - Proceedings to sell; when authorized - New Jersey Statutes

18A:20-12.  Proceedings to sell;  when authorized
    If any building upon the property so devised is or becomes old, dilapidated  and greatly in need of extraordinary repairs, or if any such building is not  well adapted or becomes not well adapted for business or other purposes for  which it was built, or cannot be repaired or modernized so as to yield a good  income without extraordinary expense, or when a fair rental, considering the  value of the property, cannot be obtained for the same, or when the premises  consist in whole or in part of vacant lots which cannot be rented for a fair  price or at all, and when if sold the proceeds arising from the sale of the  real estate could be invested and in that way yield a larger income than could  be obtained by the renting or other use of the premises, then the board of  education may institute a civil action in the superior court to direct such  lands and other premises to be sold in fee simple absolute.  The court may  proceed in the action in a summary manner or otherwise.
 
L.1967, c.271.