New Jersey § 52:18a-78

§ 52:18a-78.

a. There is established in the Department of the Treasury a public body corporate

and politic, with corporate succession, to be known as the “New Jersey Building Authority.”

The authority is constituted an instrumentality of the State exercising public and

essential governmental functions, and the exercise by the authority thereof of the

powers conferred by this act shall be deemed and held to be an essential governmental

function of the State. b. The membership of the authority shall consist of 12 directors as follows: the

State Treasurer, the Comptroller of the Treasury, the Chairman of the Commission on

Capital Budgeting and Planning who shall be members ex officio; two persons appointed

by the Governor upon the recommendation of the President of the Senate and two persons

appointed by the Governor upon the recommendation of the Speaker of the General Assembly,

of whom no more than one of each group of two shall be of the same political party,

and who shall serve during the 2-year legislative term in which they are appointed

and until their successors shall have been appointed and qualified; and five directors

appointed by the Governor with the advice and consent of the Senate for terms of 4

years no more than three of whom shall be of the same political party. The directors of the authority first appointed by the Governor shall serve for terms

of 1 year, 2 years, 3 years and two for 4 years, respectively, and thereafter directors

shall be appointed by the Governor for terms of 4 years. Each such director shall hold office for the term of his appointment and until his

successor shall have been appointed and qualified. A director shall be eligible for reappointment. Any vacancy on the board of directors occurring other than by expiration of term

shall be filled in the same manner as the original appointment but for the unexpired

term only. c. Each director appointed by the Governor, except those appointed upon recommendation

of the President of the Senate and Speaker of the General Assembly, may be removed

from office by the Governor for cause, after a public hearing, and may be suspended

by the Governor pending the completion of the hearing. Each director before entering upon his duties shall take and subscribe an oath to

perform the duties of his office faithfully, impartially and justly to the best of

his ability. A record of the oaths shall be filed in the office of the Secretary of State. d. The authority shall not be deemed to be constituted and shall not take action or

adopt motions or resolutions until all original authorized members shall have been

appointed and qualified in the manner provided in this section. A chairman shall be appointed by the Governor with the advice and consent of the

Senate from the directors of the authority other than the ex officio directors, and

the directors of the authority shall annually elect one of their number as vice chairman

thereof. The directors shall elect a secretary and a treasurer who need not be directors,

and the same person may be elected to serve both as secretary and treasurer. The powers of the authority shall be vested in the directors thereof in office from

time to time and seven directors of the authority shall constitute a quorum at any

meeting thereof. Action may be taken and motions and resolutions adopted by the authority at any

meeting thereof by the affirmative vote of at least seven directors of the authority. No vacancy on the board of directors of the authority shall impair the right of

a quorum of the directors to exercise all the powers and perform all the duties of

the authority. e. Each director and the treasurer of the authority shall execute a bond to be conditioned

upon the faithful performance of the duties of the director or treasurer, as the case

may be, in such form and amount as may be prescribed by the Comptroller of the Treasury. Bonds shall be filed in the office of the Secretary of State. At all times thereafter, the directors and treasurer of the authority shall maintain

these bonds in full effect. All costs of the bonds shall be borne by the authority. f. The directors of the authority shall serve without compensation, but the authority

shall reimburse its directors for actual expenses necessarily incurred in the discharge

of their duties. Notwithstanding the provisions of any other law, no officer or employee of the State

shall be deemed to have forfeited or shall forfeit his office or employment or any

benefits or emoluments thereof by reason of his acceptance of the office of ex officio

director of the authority or his services therein. g. The State Treasurer and the Comptroller of the Treasury of the State, as ex officio

directors of the authority, may each designate an officer or employee of the Department

of the Treasury to represent him at meetings of the authority, and the Chairman of

the Commission on Capital Budgeting and Planning, as ex officio director of the authority,

may designate a member or the executive director of the Commission on Capital Budgeting

and Planning to represent him at meetings of the authority. Each designee may lawfully vote and otherwise act on behalf of the director for

whom he constitutes the designee. The designation shall be in writing delivered to the authority and shall continue

in effect until revoked or amended in writing delivered to the authority. h. The authority may be dissolved by act of the Legislature on condition that the

authority has no debts or obligations outstanding or that provision has been made

for the payment or retirement of these debts or obligations. Upon any dissolution of the authority all property, funds and assets thereof shall

be vested in the State. In addition, subject to any property rights of a person, firm, partnership or corporation

resulting from the sale or leasing of a project by the authority to the person, firm,

partnership or corporation, any project shall be vested in the State upon the payment

or retirement of all debts or obligations for the project or upon the assumption by

the State of liability for any outstanding debts or obligations for the project. i. A true copy of the minutes of every meeting of the authority shall be forthwith

delivered by and under the certification of the secretary thereof to the Governor

and the presiding officers of both houses of the Legislature. No action taken at any meeting by the authority shall have effect until 15 days

after a copy of the minutes has been so delivered unless during the 15-day period

the Governor shall approve the same in which case the action shall become effective

upon the approval. If, in the 15-day period, the Governor returns the copy of the minutes with veto

of any action taken by the authority or any member thereof at that meeting, the action

shall be of no effect. The powers conferred in this subsection upon the Governor shall be exercised with

due regard for the rights of the holders of bonds and notes of the authority at any

time outstanding; and nothing in, or done pursuant to, this subsection shall in any

way limit, restrict or alter the obligation or powers of the authority or any representative

or officer of the authority to carry out and perform in every detail each and every

covenant, agreement or contract at any time made or entered into by or on behalf of

the authority with respect to its bonds or notes or for the benefit, protection or

security of the holders thereof.