§ 184-78. Disclosure of ownership required.

A corporation or partnership applying to the Board for permission to subdivide a parcel of land into six or more lots, or applying for a variance to construct a multiple dwelling of 25 or more family units or for approval of a site to be used for commercial purposes shall list the names and addresses of all stockholders or individual partners owning at least 10% of its stock of any class or at least 10% of the interest in the partnership, as the case may be.

A. 

If a corporation or partnership owns 10% or more of the stock of a corporation, or 10% or greater interest in a partnership, subject to disclosure pursuant to this section, that corporation or partnership shall list the names and addresses of its stockholders holding 10% or more of its stock or of 10% or greater interest in the partnership, as the case may be, and this requirement shall be followed by every corporate stockholder or partner in a partnership, until the names and addresses of the noncorporate stockholders and individual partners, exceeding the 10% ownership criterion established herein, have been listed.

B. 

The Board shall not approve the application of any corporation or partnership which does not comply with this section.

C. 

Any corporation or partnership which conceals the names of the stockholders owning 10% or more of its stock, or of the individual partners owning a 10% or greater interest in the partnership, as the case may be, shall be subject to a fine of $1,000 to $10,000, which shall be recovered in the name of the Borough in any court of record in the state in a summary manner pursuant to "The Penalty Enforcement Law," N.J.S.A. 2A:58-1 et seq.

Editor's Note: N.J.S.A. 2A:58-1 et seq. was repealed by L. 1999, c. 274. See now N.J.S.A. 2A:58-10 et seq.