15A:5-15 - Memberships held by fiduciaries - New Jersey Statutes

15A:5-15.  Memberships held by fiduciaries
    Memberships held by any person in any representative or fiduciary capacity may be voted by that person without a transfer of the membership into the name of that person.  Where memberships are held jointly by any number of fiduciaries, and the instrument or order appointing the fiduciaries does not otherwise direct, the membership shall be voted as the majority of the fiduciaries shall determine.  If the fiduciaries are equally divided as to how the membership shall be voted, a court having jurisdiction may, in an action brought by any of the fiduciaries or by a beneficiary, appoint an additional person to act with the fiduciaries in the matter.  The membership shall be voted by the majority of the fiduciaries and the additional person.  The court may proceed in the action in a summary manner or otherwise.

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