15A:5-16. Memberships held jointly or as tenants in common
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/nj/title-15a/chapter-5/15a-5-16A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Membership held by two or more persons as joint tenants or as in common may be voted at any meeting of the members by any one of the persons, unless another joint tenant or tenant seeks to vote the membership in person or by proxy. In the latter event, the written agreement, if any, which governs the manner in which the membership shall be voted, shall control if presented at the meeting. If there is no such agreement presented at the meeting, the majority in number of the joint tenants or tenants in common present shall control the manner of voting.
If there is no majority, or if there are two or more joint tenants, or tenants in common, who seek to vote the membership, the membership shall, for the purpose of voting, be divided equally among the joint tenants or tenants in common present.
L.1983, c. 127, s. 15A:5-16, eff. Oct. 1, 1983.