Corporate action by majority of members; presence in person; validity
16:1-5. Corporate action by majority of members; presence in person; validity
The proceedings, orders and acts of a majority of the members of such corporation present in person at any duly convened annual or special meeting, but not of a less number shall be valid and effectual.
Amended by L.1955, c. 124, p. 605, s. 1, eff. July 8, 1955.
This is the verbatim text of N.J.S.A. 16:1-5, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. KyzerLex is not a law firm and this page is not legal advice.