14A:18-4 Termination of status as benefit corporation.
105 words·~1 min read·
/nj/title-14a/chapter-18/14a-18-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
4. a. A benefit corporation may terminate its status as a benefit corporation and cease to be subject to this act by amending its certificate of incorporation to delete the provision required by section 2 or subsection a. of section 3 of this act. The amendment shall not be effective unless it is adopted by at least the minimum status vote.
b. If a plan of merger, consolidation or exchange would have the effect of terminating the status of a corporation as a benefit corporation, the plan shall not be effective unless it is adopted by at least the minimum status vote.
L.2011, c.30, s.4.