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

Current through Register Vol. 56, No. 14, July 15, 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.