New Jersey Administrative Code
Title 3 - BANKING
Chapter 42 - PINELANDS DEVELOPMENT CREDIT BANK
Subchapter 7 - SALE, TRANSFER, EXCHANGE, CONVEYANCE OR RETIREMENT OF PINELANDS DEVELOPMENT CREDITS OWNED BY THE BANK
Part 1 - SALES OF PINELANDS DEVELOPMENT CREDITS
Section 3:42-7.2 - Notifications of upcoming sales
Universal Citation: NJ Admin Code 3:42-7.2
Current through Register Vol. 56, No. 18, September 16, 2024
(a) All sales of Bank-owned Pinelands Development Credits shall be held only after due notice has been given by the Executive Director at least 10 business days prior to the date of the sale.
(b) At a minimum, the Executive Director shall:
1. Have notices
of the sale published in at least four newspapers; and
2. Transmit notices to every person who has
submitted to the Bank a written request to be informed of upcoming
sales.
(c) The notice shall contain, but not necessarily be limited to, the following information:
1. The method by which the sales shall be
conducted;
2. The date, time and
location for the auction or bid opening;
3. The number of Pinelands Development
Credits available for sale;
4. The
minimum acceptable bid and deposit;
5. The date, time and location when the sales
must be completed;
6. A summary of
the rules governing the sale and the terms and conditions of the sale;
and
7. How an interested person can
obtain a complete set of instructions for, and the terms and conditions of, the
sale.
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