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 assume any vested rights, privileges, debts, or liabilities of the institutions involved. The process requires the governing boards of participating institutions to adopt resolutions and submit a joint application to the Secretary of Higher Education for preliminary approval. Following this, a comprehensive plan for the merger or consolidation must be developed and submitted for final review and approval by the Secretary, who may consult with external parties and hold public hearings as part of the review process.

Additionally, the bill mandates that the Secretary of Higher Education submit a copy of the approval certification to the Legislature, which has 90 days to disapprove the merger or consolidation through a concurrent resolution; otherwise, it is deemed authorized. The bill specifies that the provisions 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. It also allows for the immediate adoption of emergency regulations to implement the act, which must be readopted within 180 days in accordance with the Administrative Procedure Act.