New Jersey Statutes 14A:3-6.2. Conditions for commencing, maintaining proceeding
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Terms Used In New Jersey Statutes 14A:3-6.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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.