New Jersey § 13:12-17

§ 13:12-17.

If any municipality mentioned in section 13:12-16 of this title shall fail to accept the terms and compensation for any such property

fixed by the canal and banking company or upon review of its decision by the board

of public utility commissioners as provided in said section 13:12-16 or if prior to the first day of January, one thousand nine hundred and thirty-one,

any such municipality shall have failed to adopt the resolution mentioned in said section 13:12-16 , or if prior to such date any such municipality shall have adopted a resolution declaring

that it does not desire to acquire the property of the canal and banking company within

its limits, then, and in either of such cases, the canal and banking company may transfer

such property as hereinafter in this section provided. In the first place, the canal and banking company shall offer, subject to the same

review as provided in said section 13:12-16 , to any municipality which shall have taken appropriate steps to acquire the canal

property lying within its boundaries pursuant to said section 13:12-16 , such portions of the canal lying in any municipality or municipalities which shall

have failed to take the necessary steps to acquire such property, as shall form a

single, contiguous tract capable of development for the purpose for which the first

mentioned municipality shall have acquired its tract. In the second place, if, after a reasonable time, any municipality to which any such

canal property lying without its limits shall have been offered, shall fail to have

availed itself of such offer, the canal and banking company, after advertisement,

in such manner as may be determined by its board of directors, shall sell any unsold

portions of the canal property to the highest bidder deemed by such board of directors

to be responsible, at public or private sale; but no such sale shall be made unless

first approved, in writing, by the governor of the state of New Jersey; and at such

sale any municipality through which such canal may pass, either alone or jointly with

other municipalities through which such canal may pass, may bid for any parcel of

the canal so offered for sale. Upon any such sale, any previous dedication of the property so sold to any public

use shall cease and be of no further force and effect, and the purchaser shall be

entitled to take and hold such property free from any previous dedication to any public

use. The canal company is also hereby authorized to sell, in such manner and for such price

and upon such terms as its board of directors may deem advisable, the structures and

parts thereof and other materials to be removed on dismantling the canal as provided

for in section 13:12-19 of this title and other personal property no longer useful in connection with the

canal.