ASSEMBLY, No. 1465

 

STATE OF NEW JERSEY

 

INTRODUCED FEBRUARY 5, 1996

 

 

By Assemblyman AZZOLINA

 

 

An Act authorizing the U.S.S. New Jersey Battleship Commission to establish the Foundation for the U.S.S. New Jersey Battleship and supplementing Title 13 of the Revised Statutes.

 

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

    1. The U.S.S. New Jersey Battleship Commission is authorized to establish a nonprofit, educational and charitable organization to be known as the Foundation for the U.S.S. New Jersey Battleship, hereinafter referred to as "the foundation." The foundation shall be devoted to the sponsoring of activities and the raising of funds for the support and promotion of the commission and its several purposes. The foundation shall be incorporated, organized and operated in such manner as to be eligible under applicable federal law for tax-exempt status and for the receipt of tax-deductible contributions.

 

    2. The foundation shall be governed by a board of directors. The number of directors and their terms and manner of selection shall be determined upon the incorporation of the foundation.

 

    3. The foundation's board of directors shall be authorized, within the limits of its own funds, to employ an executive director and professional, technical and administrative personnel. Employees of the foundation shall not be construed to be employees of the State of New Jersey. The board shall also be authorized to contract for such professional and administrative services as it shall deem necessary.

 

    4. Upon the incorporation of the foundation and the establishment of the first board of directors, the board shall adopt bylaws setting forth the structure, offices, powers and duties of the foundation.

 

    5. All funds received by the foundation, other than those necessary to pay the expenses of the foundation, shall be used exclusively for the support and promotion of the U.S.S. New Jersey Battleship

Commission.


    6. This act shall take effect immediately.

 

 

STATEMENT

 

    This bill authorizes the U.S.S. New Jersey Battleship Commission to establish the Foundation for the U.S.S. New Jersey Battleship, a nonprofit, educational and charitable organization devoted to the sponsoring of activities and the raising of funds for the support and promotion of the purposes of the commission.

    The foundation is to be incorporated, organized and operated pursuant to applicable federal law so as to be eligible for tax-exempt status and for the receipt of tax-deductible contributions.

    The bill provides that the foundation will be governed by a board of directors, the composition of which shall be determined upon the incorporation of the foundation. The bill further provides that the board of directors may employ an executive director and professional, technical and administrative personnel, within the limits of funding available to it.

    All funds received by the foundation, other than amounts required to defray necessary expenses of the foundation, shall be used exclusively for the support and promotion of the U.S.S. New Jersey Battleship Commission.

 

 

                             

 

Authorizes U.S.S. New Jersey Battleship Commission to establish a fund-raising foundation.