N.J. Admin. Code § 19:25-15.62

Current through Register Vol. 56, No. 21, November 4, 2024

Section 19:25-15.62 - Partnership contributions to inaugural events prohibited

(a) A partnership as defined in (b) below shall not be permitted to make contributions as an entity. A contribution received by an inaugural event treasurer and made by means of a check or written instrument drawn on a partnership account shall be signed by a partner or partners and shall be deemed to be a contribution from the partner or partners who signed the check or written instrument by which the contribution was conveyed, or in the case of a contribution of currency, the partner who has conveyed the currency. If the check or written instrument is drawn on a partnership account and is signed by an individual other than a partner, or if it is the intent of the contributor that any portion of the contribution received from a partnership account is to be attributed or allocated to a partner or partners who have not signed the check or written instrument, or in the case of a currency contribution if the currency contribution was conveyed by an individual who is not a partner, the following written information shall be received and maintained by the inaugural event treasurer:

1. Written instructions concerning the allocation of the contribution amount to a contributing partner, or among contributing partners;

2. A signed acknowledgment of the contribution from each contributing partner who has not signed the contribution check or other written instrument; and

3. Contributor information for each contributing partner as required by 19:25-7.1.

(b) For the purposes of this section, the term "partnership" means:

1. Any partnership or joint venture organized under or governed by Title 42 of the New Jersey Statutes, including general partnerships within the meaning of N.J.S.A. 42:1-1 et seq., limited liability partnerships organized pursuant to N.J.S.A. 42:1-45 et seq., limited partnerships organized pursuant to or governed by 42:2A-1 et seq., and limited partnership associations organized pursuant to 42:3-1 et seq., and

2. Any similar association of two or more persons to carry on as co-owners a business for profit including, but not limited to, joint ventures, general partnerships, limited liability partnerships and limited partnerships organized or governed by corresponding laws of any other jurisdiction.

(c) A limited liability company shall not be permitted to make contributions as an entity. A contribution received by an inaugural event treasurer drawn upon a limited liability company account and made by means of a check or written instrument drawn on the account of a limited liability company shall be signed by a member or members and shall be deemed to be a contribution from the member or members who signed the check or written instrument by which the contribution was conveyed or, in the case of the contribution of currency, the member who has conveyed the currency. If the check or written instrument is drawn on a limited liability company account and is signed by an individual other than a member, or if it is the intent of the contributor that any portion of a contribution received from a limited liability company account is to be attributed or allocated to a member or members who have not signed the check or written instrument, or in the case of a currency contribution, if the currency was conveyed by an individual who is not a member, the following written information must be received and maintained by the inaugural event treasurer:

1. Written instructions concerning the allocation of the contribution amount to a contributing member, or among contributing members;

2. A signed acknowledgment of the contribution from each contributing member who has not signed the contribution check or other written instrument; and

3. Contributor information for each contributing member as required by 19:25-7.1.

N.J. Admin. Code § 19:25-15.62

New Rule, R.1986 d.225, effective 6/16/1986.
See: 18 N.J.R. 631(a), 18 N.J.R. 1311(b).
Recodified by R.1989 d.341, effective 6/5/1989.
See: 21 N.J.R. 1109(a), 21 N.J.R. 1837(a).
Recodified from N.J.A.C. 19:25-15.50.
Amended by R.1996 d.583, effective 12/16/1996.
See: 28 N.J.R. 4395(b), 28 N.J.R. 5199(a).
Rewrote section.
Amended by R.2000 d.322, effective 8/7/2000.
See: 32 N.J.R. 1291(a), 32 N.J.R. 2930(a).
In (a) and (c), rewrote the introductory paragraphs.