Legal Research Home > New Jersey Lawyer > Corporations and Associations Not For Profit > New Jersey Corporations And Associations Not For Profit Laws Section 15:18-17. Restrictions on expenditure of net appreciation; terms of gift instrument.

Section 2 does not apply if the applicable gift instrument indicates the donor's intention that net appreciation shall not be expended. A restriction upon the expenditure of net appreciation may not be implied from a designation of a gift as an endowment, or from a direction or authorization in the applicable gift instrument to use only "income," "interest," "dividends," or "rents, issues or profits," or "to preserve the principal intact," or a direction which contains other words of similar import. This rule of construction applies to gift instruments executed or in effect before or after the effective date of this act.

L.1975, c. 26, s. 3, eff. March 5, 1975.

Last modified: October 21, 2006