3. The director shall have final approval of an alternating proprietorship arrangement, as established in subsections 2a. and 2b. of R.S.33:1-10, approved by the Alcohol and Tobacco Tax and Trade Bureau, subject to rules and regulations promulgated by the division, including regulations governing recordkeeping and reporting. If the Alcohol and Tobacco Tax and Trade Bureau determines that the alternating proprietorship is not a bona fide arrangement, or if the plenary winery or farm winery applicant does not qualify as an independent bonded winery, the applicant shall not be eligible to enter into an alternating proprietorship arrangement.

L.2023, c.141, s.3.