2019 New Jersey Revised Statutes
Title 48 - Public Utilities
Section 48:12-129 - Submission of agreement to stockholders
48:12-129. Submission of agreement to stockholders
Every agreement of consolidation or merger authorized by this chapter shall be submitted to the stockholders of each of the companies parties to such proposed consolidation or merger and every agreement of lease authorized by this chapter shall be submitted to the stockholders of each lessor company party to such proposed lease at a meeting called for the purpose. Notice of the time, place and object thereof shall be mailed to the residence or post-office address of each stockholder, if known, and published in a newspaper in the city, town or county where such company has its principal office or place of business, at least once a week for at least 2 weeks.
At such meeting or meetings the agreement of consolidation, merger or lease shall be considered and a vote by ballot taken for its adoption or rejection. If 2/3 of the value of all votes cast at such meeting or meetings by stockholders voting in person or by proxy shall be for the adoption of said agreement that fact shall be certified thereon by the secretary or an assistant secretary of each company required by this chapter to submit said agreement to its stockholders under its seal.
Amended by L.1948, c. 317, p. 1268, s. 4; L.1955, c. 184, p. 743, s. 1, eff. Aug. 1, 1955.
