34:1B-7.18. Legislative approval of certain transactions
124 words·~1 min read·
/nj/title-34/chapter-1b/34-1b-7-18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
9. Notice of loans, guarantees, grants or other forms of financing for projects from such funds as may be made available under subsections a. and e. of section 4 of this act shall be submitted to the Legislature at least 30 days prior to the closing of any transaction but the transaction may proceed subsequent to that notice. Loans, guarantees, grants or other forms of financing for projects from such funds as may be made available under subsections b. and c. of section 4 of this act shall be submitted to the Legislature for approval at least 45 days prior to the closing of any transaction. If the Legislature takes no action within that period, the transaction shall be deemed to be approved.
L.1992,c.16,s.9.