Assembly Seeks to Make New Jersey More “Business Friendly” for Corporations

The Assembly recently introduced a package of corporation law bills, modeled on Delaware’s General Corporation Laws, aimed to make New Jersey more “business friendly.”  These bills, if passed, allow corporations to: (1) file certificates of incorporation or bylaws electronically (A2879); (2) eliminate the 10-day advanced notification of certain shareholder action (A2880); (3) provide greater flexibility regarding the resignation of corporate directors (A2881); (4) provide expedited corporate filing options to allow for one and two hour services (A2882); (5) provide greater flexibility regarding the election of directors (A2883); (6) expand the scope of unincorporated entities that may merge or consolidate with a domestic corporation (A2884); and (7) provide greater flexibility in the types of equity awards that a corporation may use (A2885).

Note: This article was published in the October 2008 issue of the New Jersey eAuthority.