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  • NJ A2975
  • Permits corporation to impose reasonable limitations or conditions on use or distribution of books and records by shareholders.
Introduced
(2/16/2016)
In Committee
(6/19/2017)
Crossed Over
(1/23/2017)
PassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
Under current law, corporations are required to maintain certain books and records and provide access to those books and records to requesting shareholders in certain circumstances. This bill modifies current law to allow corporations to impose reasonable limitations or conditions on the use or distribution of these requested materials. The bill preserves the ultimate authority of a court to decide and order relief in actions brought by shareholders for inspection of corporate books and records. Due to significant changes in technology that have occurred and the related ease by which materials may now be used and disseminated, the sponsor has proposed this bill to allow corporations to continue a common practice, which has developed, to condition the receipt of requested materials on, for example, the demanding shareholder agreeing to customary confidentiality obligations. However, the bill is not intended to provide a corporation with a right to deny access to a demanding shareholder of materials which the demanding shareholder is otherwise entitled. This bill is a proposal of The New Jersey Corporate and Business Law Study Commission.
Commerce, 2nd Reading in the Assembly, 2nd Reading in the Senate, Commerce and Economic Development, Passed Assembly
Reported from Senate Committee, 2nd Reading  (on 6/19/2017)
 
 

Date Chamber Action Description
6/19/2017 S Reported from Senate Committee, 2nd Reading
6/19/2017 Senate Commerce Hearing (19:00 6/19/2017 Meeting moved to Committee Room 10.)
6/19/2017 Senate Commerce Hearing (19:00 6/19/2017 Deleted S-2919 & A-4498 (2R); Added S-711, A-755, S-3206 & A-431)
6/19/2017 Senate Commerce Hearing (19:00 6/19/2017 )
1/30/2017 S Received in the Senate, Referred to Senate Commerce Committee
1/23/2017 A Passed by the Assembly (69-0-0)
1/12/2017 A Reported out of Assembly Committee, 2nd Reading
1/12/2017 Assembly Commerce and Economic Development Hearing (13:30 1/12/2017 Committee Room 16, 4th Floor)
2/16/2016 A Introduced, Referred to Assembly Commerce and Economic Development Committee
Date Motion Yea Nay Other
Detail 6/19/2017 Senate Commerce Committee: Reported Favorably 4 0 2
Detail 1/23/2017 Assembly Floor: Third Reading - Final Passage 69 0 11
Detail 1/12/2017 Assembly Commerce and Economic Development Committee: Reported Favorably 10 0 2