New Jersey § 45:15-12
Full text of New Jersey New Jersey Statutes § 45:15-12, with citation guidance and answers to common questions.
§ 45:15-12.
Upon the revocation of the license issued to any partner, officer, director or owner
of a controlling interest in any licensed partnership, limited partnership or corporation,
the commission shall revoke the license of the partnership or corporation unless,
within a period fixed by the commission, the following conditions are fulfilled:
a. in the case of a partnership, the connection of the partner whose license has been
revoked to the licensee shall be severed and his interest in the licensee shall be
divested; b. in the case of a corporation, the officer, director or owner of a controlling
interest whose license has been revoked shall be terminated from the position and,
where an owner of a controlling interest, his ownership of the interest shall be divested;
or c. in the case of a limited partnership, if the person whose license has been revoked
is the general partner, the connection of that person to the licensee shall be severed
and his interest in the licensee shall be divested or, if the person whose license
was revoked is a limited partner, his interest in the licensee shall be divested if
it constituted a controlling interest as defined herein. For the purposes of this section, the term “controlling interest” means 5% or more
of the equity of a licensed corporation or of the ownership of a partnership.
Frequently Asked Questions About New Jersey § 45:15-12
What does New Jersey Statutes § 45:15-12 cover?
Section 45:15-12 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 § 45:15-12?
A common citation format is "New Jersey Statutes § 45:15-12" (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 § 45:15-12 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.