Bill
Bill > S694
NJ S694
NJ S694Updates law governing votes by shareholders for items other than for election of members to board of directors.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill updates the statute governing voting by shareholders for items other than for the election of members to the board of directors. Current law specifies that whenever any action, other than for the election of directors, is to be taken by vote of the shareholders, it is to be authorized by a majority of the votes cast at a meeting of shareholders by the holders of shares entitled to vote, unless a greater vote is required by the certificate of incorporation or another section of current law. Under the bill, it provides that a requirement that calls for an action to be authorized by a majority of the shareholders present or represented by proxy at the meeting and entitled to vote on the subject matter may be provided for in and authorized by the bylaws of the corporation.
AI Summary
This bill updates the law regarding how shareholders vote on company matters other than electing directors, allowing corporations to specify in their bylaws that an action needs approval from a majority of shareholders present or represented by proxy at a meeting who are entitled to vote on that specific issue, whereas current law generally requires a majority of all votes cast unless the company's charter or other laws demand a higher threshold.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/13/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/S694 |
| BillText | https://pub.njleg.gov/Bills/2026/S1000/694_I1.HTM |
Loading...