[HISTORY: Adopted by the Board of Commissioners of the Township of Nutley 5-7-1974 by Ord. No. 1812 (Ch. 28 of the 1978 Code). Amendments noted where applicable.]
GENERAL REFERENCES
Parks and playgrounds — See Ch. 500.
There is hereby created in the Township of Nutley, in the County of Essex and State of New Jersey, an Historic Restoration Trust to be known as the "Historic Restoration Trust of the Township of Nutley, New Jersey," hereinafter referred to as the "Trust" and to be under the jurisdiction of the Department of Parks and Public Property.
The Trust shall raise and expend funds for the purpose of preservation and utilization of the improvements commonly known as the "Kingsland Manor" located on Lots 3, 10-13 of Block 495 on the Assessment Maps of the Township of Nutley.
The Trust shall operate in accordance with this chapter, as supplemented by:
A. 
Bylaws of the Trust as approved by resolution of the Board of Commissioners of the Township of Nutley. Said bylaws shall be subject to amendment from time to time by the Trust upon approval by resolution of the Board of Commissioners.
B. 
Lease agreement between the Township of Nutley and the Trust as approved by resolution of the Board of Commissioners of the Township of Nutley. Said lease shall be subject to renewal annually by resolution of the Board of Commissioners.
The Township of Nutley, through the Department of Parks and Public Property, shall include in the annual budget appropriations to subsidize the Trust for cost of utilities and insurance premiums which shall be annually approved and incorporated into the current expense budget for the Township of Nutley. In addition, the Township of Nutley may subsidize the Trust for repairs and maintenance that the Board of Commissioners of the Township of Nutley shall approve according to law.
The Trust shall file annually with the Board of Commissioners of the Township of Nutley a financial report of all its activities for the preceding calendar year, said report to be filed no later than the first day of February of the following calendar year.
[Added 6-4-1975 by Ord. No. 1849]
If for any reason the Trust shall be dissolved, upon dissolution the Trustees, after payment of all liabilities, shall dispose of all of the assets of the Trust by distributing them exclusively to the Township of Nutley. The Township of Nutley shall thereafter use said assets exclusively for public or charitable purposes.