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 2 - CONVEYANCE OF BOARD OWNED PINELANDS DEVELOPMENT CREDITS AT NO COST
Section 3:42-7.11 - Board authorization to convey Pinelands Development Credits at no cost
Universal Citation: NJ Admin Code 3:42-7.11
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Board may authorize the Executive Director to convey at no cost Pinelands Development Credits when it determines that:
1. The
proposed development will serve a compelling public purpose;
2. The proposed development could not proceed
without the conveyance of Pinelands Development Credits at no cost;
3. The benefit of the conveyance of Pinelands
Development Credits at no cost will enure to the public and will be made to a
governmental agency or incorporated, not for profit organization;
4. The conveyances of Pinelands Development
Credits at no cost will not substantially impair the sale of Pinelands
Development Credits in the private market; and
5. The Pinelands Development Credit being
conveyed will be redeemed within one year of the Board's
authorization.
(b) Such authorizations shall be made only upon an affirmative vote of two thirds of the Board's members.
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