43:7-20 - Deposit and investment of fund - New Jersey Statutes

43:7-20.  Deposit and investment of fund
    Said pension commission shall deposit such fund in any of the banks or trust  companies of the State, and shall invest the same in bonds secured by first  mortgages on improved property worth at least twice the amount loaned, or in  bonds of the United States or of this State, or any city or county in this  State.  All income, interest or dividend which shall be paid or agreed to be  paid on account of any loan or deposit shall belong to and constitute a part of  said fund.

     L.1941, c. 220, p. 635, s. 14.