15A:5-13 - Memberships held or controlled by the corporation not voted or counted - New Jersey Statutes

15A:5-13.  Memberships held or controlled by the corporation not voted or counted
    If the corporation holds interests or memberships which entitle it to cast the plurality of the votes required for the election of directors of a domestic  or foreign corporate entity or the election of trustees of a domestic or  foreign corporation, any of which are herein referred to as a "controlled  entity,"  any memberships in the corporation held by the controlled entity  shall not be voted at any meeting or counted in determining the total number of  members at any given time.  A  "plurality" means the minimum number of  interests or memberships necessary to elect a majority of directors or trustees  based upon the total number of interests or memberships which may be voted in  that election.

     L.1983, c. 127, s. 15A:5-13, eff. Oct. 1, 1983.