N.J. Admin. Code § 8:32-7.1

Current through Register Vol. 56, No. 21, November 4, 2024

Section 8:32-7.1 - Transfer of ownership

(a) Prior to transferring ownership of a drug donation program, the prospective new owner shall submit an application to the Department of Health. The application shall include the following items:

1. A cover letter stating the applicant's intent to purchase the drug donation program, and identification of the drug donation program by name, address, and, if located in New Jersey, county.

2. A description of the proposed transaction, including:

i. Identification of the current owners of the drug donation program;

ii. Identification of 100 percent of the proposed new owners, including the names and addresses of all principals (that is, individuals and/or entities with a 10 percent or more equitable interest or with managerial control); and

iii. If applicable, a copy of an organizational chart, including parent corporations and wholly owned subsidiaries;

3. A copy of the agreement of sale and, if applicable, a copy of any lease and/or management agreements; and

4. A copy of the existing approved policies and procedures with a signed affidavit detailing the new owner agrees to fully adhere to the policies and procedures and any applicable rules; or a new program proposal that differs from the existing and approved policies and procedures.

(b) Approval of a transfer of ownership is contingent upon a review of the applicant, the record of the drug donation program, and approval of any changes to the existing policies and procedures.

N.J. Admin. Code § 8:32-7.1

Adopted by 56 N.J.R. 1793(a), effective 9/3/2024