22. a. The New Jersey Economic Development Authority, established pursuant to P.L.1974, c.80 (C. 34:1B-1 et seq.), is transferred in but not of the Department of the Treasury, but, notwithstanding this transfer, the New Jersey Economic Development Authority 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 Economic Development Authority, the same shall mean and refer to the New Jersey Economic Development Authority in but not of the Department of the Treasury. Notwithstanding the provisions of any law, rule, regulation or order to the contrary, the Board of Directors of the commission shall appoint the executive director of the New Jersey Economic Development Authority.

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 Economic Development Authority may 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 Economic Development Authority as provided by law. Nothing herein shall alter the provisions of section 1 of P.L.1979, c.303 (C. 34:1B-5.1).

e. Regulations adopted by the New Jersey Economic Development Authority shall continue with full force and effect until amended or repealed pursuant to law.

L.1998, c.44, s.22; amended 2007, c.253, s.35.