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. 24, December 18, 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 N.J.A.C. 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
N.J.S.A. 48:2-56.
(b) The Department may impose restrictions in the granting of a specific petition as public convenience and necessity reasonably require.
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