18A:20-32 - Commissioners may insure buildings and property in insurance companies - New Jersey Statutes

18A:20-32.  Commissioners may insure buildings and property in insurance companies
    Whenever the insurance fund commissioners of any city deem it expedient, they may place insurance on school buildings and school property, insured in the municipal insurance fund, with insurance companies authorized to do business in this state.  The premiums for such insurance in excess of the rates  of premium thereon fixed by the commissioners shall be paid forthwith to the  commissioners by the board of education of the district.  The policies of  insurance shall provide that the loss be payable to the board of education of  the school district.
 
L.1967, c.271.