New Jersey Acts Saved from Repeal ACTS SAVED 40 § 60-14(1)

1. In all cases in which any person, persons or corporation shall heretofore have been invested with the legal title to any property, real or personal, to hold as trustee for any municipal corporation, or the citizens of an unincorporated subdivision of a municipal corporation, the subdivision having a recognized name in the community, and the said trustee or trustees are now dead, or the powers of such corporation are extinguished by the death of all its members, the common council or other governing body of such municipal corporation may appoint a new trustee for such trust property, and such newly appointed trustee shall, upon the demand of such municipal corporation, forthwith convey and transfer to such municipal corporation the legal title to such trust property, real or personal.