15A:5-7. Fixing record date
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/nj/title-15a/chapter-5/15a-5-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
a. The bylaws may provide for fixing, or in the absence of such a provision, the board may fix, in advance, a date as the record date for determining the corporation's members with regard to any corporate action or event and, in particular, for determining the members entitled to:
(1)Notice of or to vote at any meeting of members or any adjournment thereof;
(2)Give a written consent to any action without a meeting; or
(3)Receive or enjoy any benefit or right.
The record date may in no case be more than 60 days prior to the members' meeting or other corporate action or event to which it relates. The record date for a members' meeting may not be less than 10 days before the date of the meeting. The record date to determine members entitled to give a written consent may not be more than 60 days before the date fixed for tabulation of the consents or, if no date has been fixed for tabulation, more than 60 days before the last day on which consents received may be counted.
b. If no record date is fixed:
(1)The record date for a members' meeting shall be the close of business on the day next preceding the day on which notice is given, or, if no notice is given, the day next preceding the day on which the meeting is held; and
(2)The record date for determining members for any purpose other than that specified in paragraph 1 of subsection b. of this section shall be at the cessation of activities on the day on which the resolution of the board relating thereto is adopted.
c. When a determination of members of record for a members' meeting has been made as provided in this section, the determination shall apply to any adjournment thereof, unless the board fixes a new record date under this section for the adjourned meeting.
L.1983, c. 127, s. 15A:5-7, eff. Oct. 1, 1983.