N.J. Stat. § 40:67-47
Whenever any canal or canal bed, the title to which is not vested in the State, county, municipality, or other public body, and has not been used for navigation purposes or as a public highway for passage and repassage of the public at large with boats or other means of transportation for a period of twenty years or more, the governing body of any municipality in which such canal or canal bed is located in whole or in part, may by ordinance vacate, release and extinguish the public right in that portion of the canal or canal bed or any part thereof which is located within such municipality, whether such public right was created by an act of the Legislature or by dedication or in any other manner; provided, it shall appear to the governing body of such municipality that the public interest will not be injured by the release or extinction of such public right.
N.J.S. § 40:67-47