2013 New Jersey Revised Statutes
Section 14A:3-6.2 - Conditions for commencing, maintaining proceeding.

NJ Rev Stat § 14A:3-6.2 (2013) What's This?

14A:3-6.2 Conditions for commencing, maintaining proceeding.

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.

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