N.J. Admin. Code § 13:39-4.5

Current through Register Vol. 56, No. 19, October 7, 2024

Section 13:39-4.5 - Change of ownership; asset acquisition

(a) When there is a change in the ownership of a pharmacy or in the ownership of the business entity holding the pharmacy permit, the following requirements shall be satisfied, as applicable:

1. If there is a complete change in ownership, the new owner(s) shall, within 30 days after the change, submit to the Board a permit application for change of ownership pursuant to N.J.A.C. 13:39-4.1, the permit application fee set forth in N.J.A.C. 13:39-1.3, and documentation evidencing the change of ownership. The new owner(s) shall perform an inventory of the pharmacy's controlled substances consistent with the requirements of N.J.A.C. 13:45H-5.4 and 5.5, which shall be made available to the Board upon request. A new permit number shall be issued if a request is made at the time of the filing of the permit application;

2. If there is a change of registered agents or officers, the business entity shall, within 30 days after the change, submit to the Board an affidavit indicating the changes that have taken place and any other information requested by the Board;

3. If there is a change of stock ownership involving 10 percent or more of the outstanding stock of a publicly traded corporation, the corporation shall, within 30 days after the change, submit to the Board an affidavit indicating the changes that have taken place and any other information requested by the Board; and

4. If a reallocation of ownership interests occurs among existing owners, the owners shall, within 30 days after the change, submit to the Board an affidavit explaining the asset reallocation.

(b) Upon a change in ownership pursuant to (a) above, the new ownership of such entity shall take custodial ownership of the previous five years of prescription and profile records of the previous pharmacy and shall ensure that the prescription and profile records are maintained pursuant to 13:39-7.6 and 7.19 after the date of acquisition.

(c) Upon the sale, transfer or acquisition of the business assets of a pharmacy, the person or entity acquiring such assets shall take custodial ownership of the pharmacy's previous five years of prescription and profile records and shall ensure that the prescription and profile records are maintained pursuant to 13:39-7.6 and 7.19 after the date of acquisition.

N.J. Admin. Code § 13:39-4.5

Amended by 49 N.J.R. 3761(a), effective 12/4/2017