17:9A-91. Quorum
107 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-91A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
At all meetings of stockholders of a bank, the presence in person or by proxy of the holders of a majority of the outstanding shares entitled to vote shall constitute a quorum for the transaction of business. Unless otherwise provided by law, the acts of the holders of a majority of the shares represented at any meeting at which a quorum is present shall be the acts of the stockholders. If a quorum is not present at a meeting, a majority in interest of the stockholders present in person or by proxy may adjourn the meeting to a fixed time.
L.1948, c. 67, p. 261, s. 91.