32:36-17 Subsidiaries of the commission.

330 words·~2 min read·/nj/title-32/chapter-36/32-36-17

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

17. Subsidiaries of the Commission.

a. The commission shall provide notice to the governor of each state, the majority leader of each house of the legislature of each state no less than sixty days prior to the formation of the subsidiary.

b. The creation of a subsidiary corporation shall be approved by the board.

c. Within sixty days of the effective date of this act, and on or before the first day of January of each year annually thereafter, any subsidiary corporation, in cooperation with the Commission, shall provide to the governor and legislature of each state a report on the subsidiary corporation. The report shall include for each subsidiary:

(1)the complete legal name, address, and contact information of the subsidiary;

(2)the structure of the organization of the subsidiary, including the names and titles of each of its members, directors, and officers, as well as a chart of its organizational structure;

(3)the complete bylaws and legal organization papers of the subsidiary;

(4)a complete report of the purpose, operations, mission, and Projects of the subsidiary; and

(5)any other information the subsidiary corporation deems important to include in the report.

d. Sixty days prior to the issuance of any debt by the subsidiary corporation, or the Commission on behalf of the subsidiary corporation, the Commission shall in addition to any other requirements concerning the issuance of debt by the Commission, provide notice to the governor of each state, and the majority leader of each house of the legislature of each state. For purposes of this section, as applicable to New York state "majority leader" shall mean the speaker of the assembly of the New York state legislature or temporary president of the senate of the New York state legislature.

For purposes of this section, as applicable to the state of New Jersey "majority leader" shall mean the president of the senate or the speaker of the general assembly of the state of New Jersey.

L.2019, c.195, s.17.