New Jersey Administrative Code
Title 16 - TRANSPORTATION
Chapter 65 - TRANSPORTATION UTILITIES
Subchapter 4 - PETITIONS AND RIGHT OF FIRST REFUSAL
Section 16:65-4.7 - Petitions for authority to transfer capital stock
Universal Citation: NJ Admin Code 16:65-4.7
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Petitions for authority to transfer upon the books and records of a transportation utility any share or shares of its capital stock, shall conform to the provisions of 16:65-3.2, 4.1 through 4.5, and this section to the extent applicable, and shall in the body thereof, or in attached exhibits, provide the following information:
1.
The name and address of the proposed transferor and transferee;
2. A description of the capital stock proposed to
be transferred, including the classification of shares, the number of shares of
stock authorized for issuance, the par or stated value of the stock, and the total
number of shares outstanding;
3. The
percent and interest of the outstanding capital stock that, either by itself or in
connection with other previous sales or transfers, will vest in the proposed
transferee;
4. Proof of publication of
public notice twice, seven days apart, in a newspaper of general and regular
circulation in the proposed service area which:
i.
States that a petition for the transfer of capital stock has been filed with the
Department;
ii. Briefly describes the
purpose of the petition;
iii. States
that objections and other comments should be addressed to the Department and
provides the address of the Department; and
iv. Lists each municipality served by the
transferor under its service authority, if any, and each county in which the
proposed transferor is authorized to provide service, if any;
5. Proof of service of the petition upon:
i. The clerk of each county in which the
transferor is authorized to provide service; and
ii. The clerk of each municipality in which
service is provided by the transferor;
6. A detailed explanation of any reasonably
expected changes to be made, if the petition is approved, in the subject company's:
i. Board of directors;
ii. Officers and active managers; or
iii. Policies with respect to its operations,
financing, accounting, capitalization, rates, depreciation, maintenance, service or
any matters affecting the public interest;
7. A statement as to the transferee's ability to
provide the regular route service that it would be responsible for if the transfer
were approved, if applicable;
8. 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 other domestic or foreign
corporation or a natural person;
9. If
applicable, the names and addresses of the officers, directors, and shareholders or
partners or owners of the proposed transferee and the extent of their interest in
the proposed transferee. If the proposed transferee is a public corporation, the
list of shareholders shall include only those persons that own five percent or more
of the transferee's voting class of stock. If the transferee is a privately held
corporation, the shareholders list shall include all persons owning the transferee's
voting class stock;
10. A copy of the
certificate of incorporation of the proposed transferee as filed with, and stamped
by, the New Jersey Department of the Treasury, if applicable; and
11. The petition filing fee as prescribed by
48:2-56.
(b) The Department may impose restrictions in the granting of a specific petition as public convenience and necessity reasonably require.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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