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The Optional Municipal Charter Law or Faulkner Act (N.J.S.A 40:69A-1 [1], et seq.) provides New Jersey municipalities with a variety of models of local government. This legislation is called the Faulkner Act in honor of the late Bayard H. Faulkner, former mayor of Montclair, New Jersey, U.S., and former chairman of the Commission on Municipal Government.
Under the terms of the New Jersey State Constitution of 1947 and the Faulkner Act of 1950, a municipality may obtain a special charter form from the New Jersey Legislature, providing a unique form of governmental organization for that community. [1]
New Jersey municipalities are not required to be governed by the Walsh Act, the 1923 Municipal Manager Law or the four forms of the Optional Municipal Charter Law (Faulkner Act). A community that finds all optional forms unsuitable may request a special charter from the state legislature.
A borough (also spelled boro), in the context of local government in the U.S. state of New Jersey, refers to one of five types and one of eleven forms of municipal government (in addition to those established under a special charter). [1] Among New Jersey's 564 municipalities, the borough is the most common form of local government, though the ...
[3] [4] It not only serves as a confirmation of the legal existence of a business but also constitutes an indispensable part of the company's legal documentation. [5] This certificate records fundamental information about the enterprise, including its name, registration number, address, business lines, charter capital, and other essential details.
In the mid 1970s the association changed its name to the New Jersey Business & Industry Association. The change came as the association evolved into its current form, with an increased focus on lobbying the state government in the interest of business owners. [6] Michele N. Siekerka became NJBIA's 11th President in 2014.
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
Articles of incorporation, also referred to as the certificate of incorporation or the corporate charter, is a document or charter that establishes the existence of a corporation in the United States and Canada.