New Jersey Statutes 15A:5-13. Memberships held or controlled by the corporation not voted or counted
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Terms Used In New Jersey Statutes 15A:5-13
- 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.
If the corporation holds interests or memberships which entitle it to cast the plurality of the votes required for the election of directors of a domestic or foreign corporate entity or the election of trustees of a domestic or foreign corporation, any of which are herein referred to as a “controlled entity,” any memberships in the corporation held by the controlled entity shall not be voted at any meeting or counted in determining the total number of members at any given time. A “plurality” means the minimum number of interests or memberships necessary to elect a majority of directors or trustees based upon the total number of interests or memberships which may be voted in that election.
L.1983, c. 127, s. 15A:5-13, eff. Oct. 1, 1983.