New Jersey Statutes Title 13. Conservation and Development Parks and Reservations 13 § 1B-68

The terms of office of the present directors of the Morris Canal and Banking Company shall expire on the effective date of this act,  1 and the persons holding the offices of Commissioner of Conservation and Economic Development, State Treasurer, and Director of the Division of Budget and Accounting in the Department of the Treasury, respectively, on the effective date of this act, shall constitute the board of directors, and shall exercise and perform the functions, powers and duties of the directors, of the Morris Canal and Banking Company until the next annual meeting of the stockholders of said company, and until their successors are duly elected and qualified.