52:27D-335. Acquisition of ownership interest
221 words·~1 min read·
/nj/title-52/chapter-27d/52-27d-335A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
a. A person who desires to acquire an ownership interest in a continuing care facility shall so notify the department in writing at least 60 days in advance of the acquisition. The person shall obtain the approval of the commissioner for the acquisition prior to the completion of the sale or transfer of the facility's ownership interest.
b. For the purposes of this act, an acquisition of an ownership interest in a continuing care facility shall be deemed to take place if:
(1)The facility is a corporation and there is an acquisition by or a transfer of ownership to an individual, partnership or corporation through purchase, contract, donation, gift or stock option of 25% or more of the corporation's outstanding stock, either preferred or common, or there is acquisition of the physical assets of the facility by a newly formed or existing corporation;
(2)The facility is a partnership and there is an acquisition by or a transfer of ownership to an individual, partnership, or corporation of 10% or more of the existing partnership's total capital interest or there is acquisition of the physical assets of the facility by a newly formed or existing partnership; and
(3)The facility is individually owned and there is a purchase of the physical assets of the facility.
L. 1986, c. 103, s. 6.