N.J.A.C. 18:24-8.5 - Private Shareholder or Individual Defined

The term "private shareholder or individual" in N.J.S.A. 54:32B-9(b) refers to persons having a personal and private interest in the activities of the organization, such as the creator or the creator's family, shareholders of the organization, other designated individuals, or persons controlled directly or indirectly by such private interests.