This bill establishes a formal process for the merger or consolidation of public institutions of higher education with other higher education institutions or certain proprietary institutions in New Jersey. It grants the governing board of a public institution the authority to merge or consolidate, provided they follow a specified approval process that includes adopting a resolution, submitting a joint application to the Secretary of Higher Education, and developing a comprehensive plan for the merger or consolidation. The Secretary is responsible for reviewing the plan, assessing its necessity and impact, and issuing final approval or disapproval. Costs incurred during this review process will be borne by the participating institutions.

Additionally, the bill stipulates that the Secretary of Higher Education must submit a copy of the merger or consolidation approval to the Legislature, which has 90 days to disapprove it through a concurrent resolution; otherwise, the merger is deemed authorized. The provisions of the bill do not apply to Rutgers, the State University, nor to any mergers for which a letter of intent was executed prior to the bill's effective date. The Secretary is also empowered to adopt emergency regulations to implement the act, which must be readopted within 180 days in accordance with the Administrative Procedure Act.