21. a. The New Jersey Development Authority for Small Businesses, Minorities and Women’s Enterprises, established pursuant to P.L.1985, c.386 (C. 34:1B-47 et seq.), is transferred in but not of the Department of the Treasury, but, notwithstanding this transfer, the New Jersey Development Authority for Small Businesses, Minorities and Women’s Enterprises shall be independent of any supervision and control by the department or by any board or officer thereof.

b. Whenever, in any law, rule, regulation, order, contract, document, judicial or administrative proceeding or otherwise, reference is made to the New Jersey Development Authority for Small Businesses, Minorities and Women’s Enterprises, the same shall mean and refer to the New Jersey Development Authority for Small Businesses, Minorities and Women’s Enterprises in but not of the Department of the Treasury.

c. This transfer shall be subject to the provisions of the “State Agency Transfer Act,” P.L.1971, c.375 (C. 52:14D-1 et seq.).

d. The New Jersey Development Authority for Small Businesses, Minorities and Women’s Enterprises may, subject to the commission’s approval, develop and promulgate such rules and regulations in accordance with the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.) as are necessary to implement the provisions of this act and to effectuate the purposes of the New Jersey Development Authority for Small Businesses, Minorities and Women’s Enterprises as provided by law.

e. Regulations adopted by the New Jersey Development Authority for Small Businesses, Minorities and Women’s Enterprises shall continue with full force and effect until amended or repealed pursuant to law.

L.1998,c.44,s.21.