New Jersey Statutes 15A:10-3. Approval by corporation not having members entitled to vote
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Terms Used In New Jersey Statutes 15A:10-3
- 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.
When a corporation is without members entitled to vote thereon, a merger or consolidation shall be approved upon receipt of the affirmative vote of two-thirds of the trustees present at a meeting called for the purpose of considering and voting upon the proposed merger or consolidation, unless a greater number is fixed by the certificate of incorporation or the bylaws.
L.1983, c. 127, s. 15A:10-3, eff. Oct. 1, 1983.