New Jersey § 34:1b-7
Full text of New Jersey New Jersey Statutes § 34:1b-7, with citation guidance and answers to common questions.
§ 34:1b-7.
a. Applications for money from the assistance fund established under this act shall
be submitted by emerging technology or biotechnology companies in a form and manner
determined by the authority. The authority shall approve or disapprove applications pursuant to the criteria
developed pursuant to subsection c. of this section, and may employ any institution
of higher education in this State in the approval process. b. The authority shall enter into written agreements with emerging technology or biotechnology
companies approved for financial assistance pursuant to this act, and, as appropriate,
with financial institutions concerning the type, amount and terms of the financial
assistance provided. c. The authority shall, in consultation with the Department of Commerce and Economic
Development, the New Jersey Commission on Science and Technology and any institution
of higher education in New Jersey, develop criteria for the approval or disapproval
of applications submitted pursuant to subsection a. of this section. Such criteria shall include, but need not be limited to, an evaluation of the emerging
technology or biotechnology company's actual or potential scientific and technological
viability, a determination that the emerging technology or biotechnology company's
principal products or services are sufficiently innovative to provide a competitive
advantage, a determination that the proposed financial assistance will result in significant
growth in permanent, full-time employment in the State, a determination that the emerging
technology or biotechnology company has been unable to secure financial assistance
on affordable terms from conventional sources, a determination that the financial
assistance provided pursuant to this act demonstrates the prospect of a high rate
of return on investment, and the extent to which the applicant's proposed or expanded
activities will enhance or diversify the State's capacity and competitiveness in the
field of emerging technology or biotechnology. d. The Department of Commerce and Economic Development and the authority may promote
economic development in disadvantaged urban areas of the State, where emerging technology
or biotechnology joint ventures have been or will be established.
Frequently Asked Questions About New Jersey § 34:1b-7
What does New Jersey Statutes § 34:1b-7 cover?
Section 34:1b-7 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 34:1b-7?
A common citation format is "New Jersey Statutes § 34:1b-7" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 34:1b-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.