New Jersey § 18a:65-26

§ 18a:65-26.

The board of trustees: (1) Shall act in an overall advisory capacity; (2) Shall (a) control (i) properties, funds and trusts vested, as of August 31, 1956,

in the corporation in possession or remainder or expectancy (other than and expressly

excluding properties and funds owned by or title to which is in the state of New Jersey

or which are held upon an express trust for the use of the state, or which have been

acquired by the use of moneys appropriated by the state or by the federal government

to the use of the corporation or the land grant college of New Jersey, including but

not limited to real estate, buildings, improvements, fixtures, and appurtenances thereto,

and tangible personal property); and (ii) properties, funds and trusts received by

the corporation on or after September 1, 1956, by private gift, donation, bequest

or transfer, in any manner, under the terms of any applicable trust, gift, bequest

or donation dated or delivered (aa) prior to September 1, 1956, unless otherwise designated,

or (bb) on or after September 1, 1956, if so designated; provided, however, that

all property, educational facilities, rights and privileges which are impressed with

a public trust for higher education of the people of the state of New Jersey shall

continue to be so impressed; and (b) make available (after meeting all expenses of

its administration) to the board of governors the income from such funds and the use

of or income from such properties, subject to the provisions stated hereinafter in section 18A:65-27 ; (3) Shall have sole authority over the investment of funds under its control; (4) Shall have power to maintain such administrative staff and incur and pay such

expenses as it deems reasonably necessary to the effective exercise of its functions

and responsibilities under this chapter or by reason of any other fiduciary responsibilities

to which it is subject; and (5) Shall be represented on the membership of the committees of the several colleges.