N.J. Stat. § 52:14-17.19: Purchase of bonds; cancellation or termination

Bonds purchased pursuant to this act shall be purchased by the State Treasurer from a company or companies authorized to issue such bonds and authorized to do business in this State. The premium on bonds provided for herein shall be paid by the State. The State Treasurer may, at any time any such bond coverage is no longer required, cause any such bond to be cancelled or terminated and may collect any rebate of premium thereon.

L.1959, c. 39, p. 133, s. 4.