N.J. Admin. Code § 7:26H-3.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 7:26H-3.3 - Petitions for authority to transfer capital stock

(a) Agreements to sell or transfer any share or share(s) of capital stock of a solid waste utility to another utility or agreements to sell or transfer shares of capital stock to a corporation or person, where such sale would, by itself or in connection with other sales or transfers, vest in such person or corporation a majority interest of the outstanding capital stock shall not be consummated without prior approval by the Department.

(b) Petitions for authority to sell or transfer stocks of any solid waste utility shall conform to the requirements of N.J.A.C. 7:26H-2, to the extent applicable, and shall in the body thereof, or in attached exhibits, also provide the following information:

1. The name and address of the proposed transferrer and transferee;

2. A description of the proposed transferee including information as to whether the proposed transferee is a public utility, a holding company either separately or by affiliation in a utility holding company system, or a person or other domestic or foreign corporation;

3. A description of the capital stock proposed to be transferred including the class of shares, number of shares and the par or stated value thereof;

4. The percent in interest of the outstanding voting capital stock of the public utility which the proposed transfer, either by itself or in connection with other previous sales or transfers, will vest in the transferee;

5. The reason for the proposed transfer;

6. Details and explanation of any changes expected to be made, if petition is approved, in:

i. The board of directors;

ii. Officers and active managers; and

iii. Company policies with respect to its operations, financing, accounting, capitalization, rates, depreciation, maintenance, services and any other matters affecting the public interest; and

7. The qualifications and the business or technical experience of the proposed officers, directors and stockholders, or other principal management and operating personnel with particular respect to their ability to carry out the utility's obligation to render safe, adequate and proper service.

N.J. Admin. Code § 7:26H-3.3

Administrative change.
See: 30 New Jersey Register 3948(a).