N.J. Stat. tit. 4, ch. 18A

in effect

N.J. Stat. § 4:18A-1 Funds held by United States as trustee in behalf of New Jersey Rural Rehabilitation Corporation; receipt from Federal officials

The Secretary of Agriculture of the State of New Jersey (hereinafter called the "secretary" ) is hereby designated as the State official of New Jersey to make application to and receive from the Secretary of Agriculture of the United States or any other proper Federal official, pursuant and subject to the provisions of Public Law 499, 81st Congress, approved May third, one thousand nine hundred and fifty, the trust assets, either funds or property, held by the United States as trustee in behalf of the New Jersey Rural Rehabilitation Corporation, now dissolved. L.1951, c. 321, p. 1151, s. 1.

N.J. Stat. § 4:18A-2 Funds to be forwarded to State Treasurer; disbursement

Funds and the proceeds of the trust assets return to the secretary in accordance with an application made pursuant to section one of this act and all moneys collected under this act shall be forwarded to the Treasurer of the State of New Jersey. The State Treasurer shall disburse same, subject to the provisions of this act, and in the same manner as other Federal funds, devoted to specific purposes, are now disbursed by him. L.1951, c. 321, p. 1152, s. 2.

N.J. Stat. § 4:18A-3 Uses of funds

The fund shall be available to the secretary for: (a) Such rural rehabilitation purposes which were permissible under the Certificate of Incorporation of the now dissolved New Jersey Rural Rehabilitation Corporation as may from time to time be agreed upon by the secretary and the Secretary of Agriculture of the United States or his delegate, including but not limited to, loans to farmers for the purpose of leasing, purchasing and acquiring title in land, and making improvements thereon, for the purchase of farm equipment, livestock, materials and supplies needed for the production of crops, livestock and poultry, and to finance the employment of farm labor, and for any other costs incidental to the production, processing, distribution and marketing of food. Loans shall be made at such rates of interest and upon such security and other terms and conditions as the secretary may prescribe. (b) Loans to be insured by the Secretary of Agriculture of the United States under Subtitle A of the Consolidated Farmers Home Administration Act of 1961 (P.L. 87-128), as now or hereafter amended, subject to all of the provisions of said Subtitle A and the applicable provisions of Subtitle D of that act as now or hereafter amended. (c) For transfer to the Secretary of Agriculture of the United States pursuant to section 5 of this act, and (d) For administrative expenses which shall not, without the approval of the Secretary of Agriculture of the United States, exceed 3% annually of the then book value of the assets. L.1951, c. 321, p. 1152, s. 3. Amended by L.1962, c. 78, s. 1, eff. June 11, 1962.

N.J. Stat. § 4:18A-4 Vouchers

Money requisitioned for the purposes specified in section three of this act shall be paid by the treasurer upon receipt by him of a voucher duly signed and attested by the secretary. L.1951, c. 321, p. 1152, s. 4.

N.J. Stat. § 4:18A-5 Agreements with United States Secretary of Agriculture regarding loans under Consolidated Farmers Home Administration Act

The Secretary is authorized, with the approval of the State Board of Agriculture, to enter into agreements with the Secretary of Agriculture of the United States, pursuant to section 2(f) of Public Law 499, 81st Congress, approved May 3, 1950, upon such terms and conditions and for such periods of time as may be mutually agreed upon, pursuant to which the Secretary of Agriculture of the United States will accept, administer, expend and use with respect to loans to farmers only in the State of New Jersey all or any part of the trust assets referred to in section 1 of this act or any funds from any other source which may be available for such uses, for carrying out the purposes of Subtitles A and B of the Consolidated Farmers Home Administration Act of 1961 and in accordance with the applicable provisions of Subtitle D thereof, as now or hereafter amended. L.1951, c. 321, p. 1153, s. 5. Amended by L.1962, c. 78, s. 2, eff. June 11, 1962.

N.J. Stat. § 4:18A-6 Powers of secretary of agriculture; delegation of authority

The secretary, pursuant to regulations to be promulgated by him, subject to the approval of the Attorney General of this State, is authorized and empowered to: (a) Collect, compromise, adjust or cancel claims and obligations heretofore or hereafter arising out of or administered under this act or under any mortgage, lease, contract or agreement heretofore or hereafter entered into or administered pursuant to this act and, if in his judgment, necessary and advisable, pursue the same to final collection in any court having jurisdiction; and (b) Bid for and purchase at any execution, foreclosure or other sale, or otherwise to acquire property upon which the secretary has a judgment lien by reason of, or which is pledged, mortgaged, conveyed or which otherwise secures any loan or other indebtedness heretofore or hereafter owing to or acquired by the secretary under this act. The foregoing authorities may be delegated to the Secretary of Agriculture of the United States with respect to assets heretofore or hereafter transferred to him pursuant to section 5 of this act. L.1951, c. 321, p. 1153, s. 6. Amended by L.1962, c. 78, s. 6.

N.J. Stat. § 4:18A-7 Accounts; audit

The secretary shall keep accurate accounts of the receipts and disbursements of the fund which shall be subject to examination by the State auditor at any time, and which shall be audited annually by a certified public accountant, copies of whose report shall be submitted to the Treasurer of the State of New Jersey and to the secretary. L.1951, c. 321, p. 1153, s. 7.

N.J. Stat. § 4:18A-8 Rules and regulations; delegations of authority

The secretary, with the advice of the State Board of Agriculture, is authorized to make such rules and regulations and such delegations of authority as he deems necessary to carry out the purposes of this act. L.1951, c. 321, p. 1154, s. 8.

N.J. Stat. § 4:18A-9 Freedom from liability

The United States and the Secretary of Agriculture thereof shall be held free from liability by virtue of the transfer of the assets to the secretary pursuant to this act. L.1951, c. 321, p. 1154, s. 9.

N.J. Stat. § 4:18A-10 Partial invalidity

If any provision of this act, or the application thereof to any person or circumstances, is held invalid, the remainder of this act, and the application of such provision to other persons or circumstances, shall not be affected thereby. L.1951, c. 321, p. 1154, s. 10.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026