14A:3-6.1 Definitions relative to derivative proceedings and shareholder class actions.
115 words·~1 min read·
/nj/title-14a/chapter-3/14a-3-6-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. As used in this section:
"Derivative proceeding" means a civil suit in the right of a domestic corporation.
"Shareholder" includes a beneficial owner whose shares are held in a voting trust or held by a nominee on the beneficial owner's behalf.
"Shareholder class action" means a civil suit by a shareholder against a domestic corporation or its directors or officers which alleges a breach of any duty by the directors or officers or the corporation which is imposed in whole or in part by statutory or common law of the State of New Jersey and seeks a right, remedy, or damages on behalf of a class of the domestic corporation's shareholders.
L.2013, c.42, s.1.