New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 18-1

When the superior court finds that real estate devised or conveyed in trust for any beneficiary until the happening of an event named in the will or deed, or in trust for a person for life or upon any other trust, or real estate belonging to any minor or mental incompetent, is occupied in whole or in part by any building that is insecure, dilapidated or in need of repair or incapable of producing an income proportionate to the value of the land, and that it would be to the advantage of the beneficiary, minor or mental incompetent, that additions, repairs or improvements should be made thereto or new buildings be erected, or both, the court may direct the trustee or the guardian of the minor or incompetent to enter into contracts therefor.

The court also may authorize the replacement of machinery which is old or incapable of performing functions required of it or the purchase of new or additional machinery adapted to the purpose and use made, or to be made, of any building, erected or to be erected on such real estate.