17:52-17 - Members; stockholders; voting rights; preemptive rights - New Jersey Statutes

17:52-17.  Members;  stockholders;  voting rights;  preemptive rights
    At all meetings of the corporation, members and stockholders shall vote by classes.  Each stockholder shall have 1 vote, in person or by proxy, for each share of stock held by him, and each member shall have 1 vote, in person or by proxy;  except that, when the maximum liability of a member to make loans to the corporation pursuant to section 15 of this act exceeds $1,000.00, such member shall have 1 vote for each full $1,000.00 of the amount which represents  the maximum liability of such member to make loans to the corporations.  The  members and stockholders shall have the power to elect directors, to make,  amend and repeal by-laws, and to exercise such other powers, voting by classes,  as are generally exercised by stockholders pursuant to the provisions of Title  14, Corporations, General, of the Revised Statutes.  Stockholders shall have no  pre-emptive or other preferential right to subscribe to stock of the  corporation, whether on the issue of stock pursuant to an increase in the  authorized capital stock, or on the issue of authorized but previously unissued  stock, nor shall stockholders have any pre-emptive or other preferential right  to purchase or subscribe for bonds or other evidences of debt of the  corporation, notwithstanding that they are convertible into stock.

     L.1957, c. 218, p. 761, s. 17.