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New Jersey Statutes, Title: 15A, CORPORATIONS, NONPROFIT
Chapter 11: Limitations on rights of dissenting members
Section: 15A:11-1: Limitations on rights of dissenting members
A member of a domestic corporation shall not have the right to dissent from any merger, consolidation, sale of assets, or amendment of the certificate of incorporation or bylaws, nor shall any member have the right to be paid the value of any membership held by the member of a domestic corporation effecting any transaction. The transaction shall not be enjoined, preliminarily or permanently, except upon a showing that the transaction is fraudulent or is fundamentally unfair to any member and, in the action, the member or members complaining thereof shall have the burden of showing fraud or fundamental unfairness.
L.1983, c. 127, s. 15A:11-1, eff. Oct. 1, 1983.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 15a:11-1 (if available):
Court decisions that cite this statute:
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