2023 New Jersey Statutes 14A:3-6.2. Conditions for commencing, maintaining proceeding
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2. A shareholder may not commence or maintain a derivative proceeding unless the shareholder:
(1) was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time and remains a shareholder throughout the derivative proceeding; and
(2) fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
L.2013, c.42, s.2.