Commencing one year after the effective date of P.L.1992, c. 79 (C.40A:12A-1 et al.), a person appointed as executive director of a housing authority or redevelopment
agency shall satisfactorily complete the course of study prescribed by the commissioner
within two years of the date of appointment, and at least one half of the requisite
courses shall be satisfactorily completed within one year of appointment. A person who fails to meet these requirements shall be deemed to have resigned the
position effective at the end of the first year or second year of appointment, as
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