N.J. Admin. Code § 3:27-7.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:27-7.1 - Applications for change of control or key personnel

(a) A person shall not directly or indirectly acquire control of a licensee without the prior written approval of the Commissioner. The application for change of control shall be in writing filed by the existing licensee, in a form prescribed by the Commissioner, and shall be accompanied by the information required by 3:27-2.2 for an initial license application, and an amended version of the last submitted annual report updated through the date of the application, as well as all documents related to the change in control, (that is, a stock purchase agreement). The Commissioner may request copies or access to any or all of the books and records maintained in accordance with 3:27-6.1 prior to granting approval.

(b) Any change of key shareholders, executive officers, owners, partners, or managers responsible for the licensed business shall require the submission of the information required by 3:27-2.2(b).

Amended by R.2009 d.230, effective 7/20/2009.
See: 41 N.J.R. 831(a), 41 N.J.R. 2777(b).
In (b), substituted "the information required by" for "a new application in accordance with".