Bill Text: NJ S2310 | 2016-2017 | Regular Session | Amended
Bill Title: Provides that certain corporations bidding for public contracts may submit federal Securities and Exchange Commission filings to comply with requirement to disclose certain interest holders; requires submission by limited liability companies.*
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2016-06-23 - Substituted by A3540 (1R) [S2310 Detail]
Download: New_Jersey-2016-S2310-Amended.html
Sponsored by:
Senator PATRICK J. DIEGNAN, JR.
District 18 (Middlesex)
Senator STEVEN V. OROHO
District 24 (Morris, Sussex and Warren)
SYNOPSIS
Provides that certain corporations bidding for public contracts may submit federal Securities and Exchange Commission filings to comply with requirement to disclose certain interest holders; requires submission by limited liability companies.
CURRENT VERSION OF TEXT
As reported by the Senate State Government, Wagering, Tourism & Historic Preservation Committee on June 9, 2016, with amendments.
An Act concerning disclosure of those holding interest in certain 1[corporations] business organizations1 bidding for public contracts and amending P.L.1977, c.33.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.1977, c.33 (C.52:25-24.2) is amended to read as follows:
1. No corporation 1[or] ,1 partnership 1, or limited liability company1 shall be awarded any contract nor shall any agreement be entered into for the performance of any work or the furnishing of any materials or supplies, the cost of which is to be paid with or out of any public funds, by the State, or any county, municipality or school district, or any subsidiary or agency of the State, or of any county, municipality or school district, or by any authority, board, or commission which exercises governmental functions, unless prior to the receipt of the bid or accompanying the bid, of said corporation 1[or] ,1 said partnership, 1or said limited liability company1 there is submitted a statement setting forth the names and addresses of all stockholders in the corporation 1[or partnership]1 who own 1[10%] 10 percent1 or more of its stock, of any class 1,1 or of all individual partners in the partnership who own a 1[10%] 10 percent1 or greater interest therein, 1or of all members in the limited liability company who own a 10 percent or greater interest therein,1 as the case may be. If one or more such stockholder or partner 1or member1 is itself a corporation or partnership 1or limited liability company1, the stockholders holding 1[10%] 10 percent1 or more of that corporation's stock, or the individual partners owning 1[10%] 10 percent1 or greater interest in that partnership, 1or the members owning 10 percent or greater interest in that limited liability company,1 as the case may be, shall also be listed. The disclosure shall be continued until names and addresses of every noncorporate stockholder, and individual partner, 1and member,1 exceeding the 1[10%] 10 percent1 ownership criteria established in this act, has been listed.
To comply with this
section, a bidder 1[whose] with any1 direct
or indirect parent entity 1which1 is
publicly traded 1[shall] may1
submit the name and address of 1[the] each1 publicly
traded entity and the name and address of each person that holds a 1[10%] 10
percent1
or greater beneficial interest in the publicly traded entity as of the last
annual filing with the federal Securities and Exchange
Commission or the foreign equivalent, and, if there is any person that holds
a 1[10%] 10
percent1
or greater beneficial interest, 1[submits
the link]
also shall submit links1
to the 1[website] websites1 containing
the last annual 1[filing] filings1 with
the federal Securities and Exchange Commission or the foreign equivalent and
the relevant page 1[number] numbers1 of
the 1[filing] filings1 that
1[contains] contain1 the
information on each person that holds a 1[10%] 10
percent1
or greater beneficial interest.
(cf: P.L.1977, c.33, s.1)
2. This act shall take effect immediately.
