New Jersey Administrative Code
Title 16 - TRANSPORTATION
Chapter 44 - CONSTRUCTION SERVICES
Subchapter 12 - REORGANIZATION OF CONTRACTORS
Section 16:44-12.2 - Requirements
Universal Citation: NJ Admin Code 16:44-12.2
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Whenever a contractor wishes to undertake a reorganization, as described in the definition of "corporate or LLC reorganization" at 16:44-2.1, the contractor must demonstrate the following:
1. Advise the
Commissioner in writing of the proposed reorganization (including a change of name)
and provide a copy of the minutes or resolution or other official act properly
authorizing the change. Such notice shall be made prior to the actual change when
the contractor has an existing or ongoing contract in effect with the Department,
and no change shall be accomplished without the express written approval of the
Commissioner;
2. Proper registration of
the new status, including any change in name, with the New Jersey Secretary of State
or other appropriate New Jersey State office in a manner consistent with the
applicable laws;
3. Proof of a binding
certification from the surety company who issued the payment and performance bonds,
if the contractor has an ongoing contract with the Department, stating that the
surety concurs in the reorganization and will honor its obligations under the bonds
after the reorganization takes place;
4.
Proof in writing that the reorganization shall not affect in any manner:
i. Its obligations under any existing contracts;
or
ii. Its project rating and financial
capability; and
5. If the
reorganization takes the form of a transfer of assets in a new or different
corporation or limited liability company (LLC), the new corporation or LLC shall be
required to do the following:
i. Present a new
Vendor Identification Number (Federal Identification Number);
ii. Satisfy the classification requirements as
specified under
16:44-3.2, including the filing of a
new Questionnaire; and
iii. In the case
of a foreign corporation, provide the name and address of its agent in New Jersey
authorized to accept service pursuant to
14A:13-1 et seq.
(b) After all requirements have been met, the Commissioner will ascertain whether the proposed reorganization affects the contractor's classification. If so, the Commissioner may reclassify the contractor in accordance with the effects of the reorganization.
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