Establishes process for merger or consolidation of public institution of higher education with other institutions of higher education or certain proprietary institutions; requires executive and legislative approval of merger or consolidation.

Bill A5923 establishes a state approval process for public colleges and universities in New Jersey to merge or consolidate with other public institutions or certain private colleges. It requires the governing boards of merging institutions to jointly apply for preliminary approval from the Higher Education Secretary, who reviews the merger plan and issues a final decision, followed by a 90-day legislative review period where the Legislature can disapprove the merger with a concurrent resolution. The bill does not apply to Rutgers University, but any merger involving Rutgers must follow this process, and the single remaining institution will be treated as one entity for state funding purposes.