State Codes and Statutes

Statutes > New-jersey > Title-14a > Section-14a-5 > 14a-5-9

14A:5-9.  Quorum of shareholders
    (1) Unless otherwise provided in the certificate of incorporation or this act, the holders of shares entitled to cast a majority of the votes at a meeting shall constitute a quorum at such meeting.  The shareholders present in  person or by proxy at a duly organized meeting may continue to do business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum.  Less than a quorum may adjourn.

    (2) Whenever the holders of any class or series of shares are entitled to vote separately on a specified item of business, the provisions of this section  shall apply in determining the presence of a quorum of such class or series for  the transaction of such specified item of business.
 
L.1968, c.350.