NJ Assembly to vote on economy-boosting package

September 25, 2008 4:47:13 AM PDT
The New Jersey Assembly on Thursday is expected to vote on a package of bills to help the state's economy as national leaders grapple with the Wall Street financial meltdown. The seven-bill package, spearheaded by Assemblyman Patrick Diegnan, D-Middlesex, would loosen New Jersey's corporate law requirements to make it easier to operate a business in the state.

"We can no longer be content to talk about making New Jersey more business-friendly, we need to make it more business-friendly," said Assembly Speaker Joseph J. Roberts Jr.

The legislation is designed to make New Jersey more competitive with its neighbors, especially Delaware, where a large number of national businesses are incorporated.

Specific measures include:

- Allowing corporate notices to directors and shareholders to be sent electronically.

- Eliminating a rule requiring at least 10 days' notice to shareholders about items that could be voted on.

- Simplifying rules involving the resignation of corporate directors.

- Providing speedier options for businesses filing with the state Division of Commercial Recordings.

- Giving corporations more flexibility to adopt alternative voting methods to select directors.

- Expanding the types of foreign business entities allowed to merge with corporations in the state.

- Give corporations more flexibility to award stock grants instead of stock options to executives.

Besides the corporation law package, there are two other bills that reflect the difficult economic times. One would start a pilot program to educate high school students on personal finance management. The other would provide better access to job training for people affected by a plant closing or mass layoff.


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