Section 58:28-3 - Contracts exempt from certain regulationa. Any partnership or copartnership agreement entered into after the effective date of this act pursuant to a contract authorized under section 2 of P.L. 1993, c.381 (C.58:28-2) involving a private firm not previously subject to the jurisdiction of the Board of Regulatory Commissioners or its predecessor organizations shall not be considered a public utility for the purposes of R.S. 48:2-13 and shall not be subject to oversight by the Board of Regulatory Commissioners. b. Any transaction undertaken by a partnership or copartnership established pursuant to a contract authorized under section 2 of P.L. 1993, c.381 (C.58:28-2) shall be subject to oversight and approval of the Department of Environmental Protection, and shall be subject to the permit system established pursuant to the "Water Supply Management Act," P.L. 1981, c.262 (C.58:1A-1 et al.), except that any proposed modification to the existing water allocation permit of a water supply facility, relating to the transaction, that would authorize the transfer to a municipality of up to one-third of the quantity of water allocated by the existing permit shall be deemed to be automatically approved pursuant to the "Water Supply Management Act," P.L. 1981, c.262 (C.58:1A-1 et al.).c. Any agreement entered into by a partnership or copartnership established pursuant to section 2 of P.L. 1993, c.381 (C.58:28-2) shall not be subject to the provisions of the "New Jersey Water Supply Privatization Act," P.L. 1985, c.37 (C.58:26-1 et seq.).