N.J. Stat. § 52:18A-87
The functions, powers and duties vested by law in the Board of Trustees of the State Disability Benefits Fund and the Trustees for the Support of Public Schools, of, or relating to, investment or reinvestment of moneys of, and purchase, sale or exchange of any investments or securities of or for, any funds or accounts under the control and management of such agencies, are hereby transferred to and shall be exercised and performed for such agencies by the Director of the Division of Investment established hereunder; provided, however, that before any such investment, reinvestment, purchase, sale or exchange may be made by said director for or on behalf of any such agency, he shall submit the details thereof to the State Treasurer, who shall, within forty-eight hours, exclusive of Sundays and public holidays, after such submission to him, file with the director his written acceptance or rejection of such proposed investment, reinvestment, purchase, sale or exchange; and the director shall have authority to make such investment, reinvestment, purchase, sale or exchange, for or on behalf of such agency, unless there shall have been filed with him a written rejection thereof by the State Treasurer as herein provided.
N.J.S. § 52:18A-87