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NOTE: This section was repealed by L.2012, c. 50, effective 2014-03-01.
New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Chapter 2b:
Section: 42:2b-63: Entitlement to security
63. Unless the plaintiff's or plaintiffs' contributions to the limited liability company or the plaintiff's or plaintiffs' allocable share of property amount to 5\% or more of the contributions of, or allocation to, property of all members of the limited liability company in their status as members, or unless the contributions or the share allocable to the plaintiff or plaintiffs have a fair value in excess of $100,000, the limited liability company in whose right the derivative action is brought shall be entitled at any stage of the proceedings before final judgment to require the plaintiff or plaintiffs to give security for the reasonable expenses, including attorney's fees, which may be incurred by the limited liability company in connection with the action. The amount of this security shall be determined by the Superior Court.
L.1993,c.210,s.63.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 42:2b-63 (if available):
Court decisions that cite this statute:
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