New Jersey § acts:saved-54 - (37)

§ acts:saved-54. (37)

2. The said advertisement shall also designate the time and place to [at] which the

said lots or tracts of land will be sold at public auction, which said time must be

between the hours of ten in the forenoon and three o'clock in the afternoon, and the

place of the said sale shall be the office of the tax collector, if the said tax collector

has an office, if not, in any place conveniently situated within the limits of the

said municipality. At the time of the said sale so advertised, the tax collector shall proceed to sell

the said lots or tracts of land at auction to the highest bidder or bidders for the

same, and shall require of each successful bidder a deposit of at least ten per centum[,]

of the price paid for each lot or tract of land. The said tax collector shall forthwith render to the town council, township committee

or other governing body of the said municipality, a statement in writing, showing

the various lots or tracts of land so sold by him, and the various prices bid therefor,

which said governing body shall then have power, in its discretion, to direct the

said tax collector to deliver to such purchaser or purchasers, or to any of them,

a deed or deeds for the said lots or tracts so sold, if the prices bid for the same

meet with the approval of said governing body. Should the said governing body, in its discretion, deem it advisable that any lot

or tract should not be sold for the price so bid, it shall, in its discretion, direct

the said tax collector to return the money paid on account of the same, and to readvertise

said lots or tracts, or any of them, for sale in the manner herein above provided,

which said sale shall be conducted in all respects in the same way and manner as herein

above provided, and shall be in like manner subject to the approval of said governing

body.