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Senate Commerce Committee Statement to Assembly, No. 1178 (State of New Jersey, March 11, 2021)

Summary

Senate Commerce Committee Statement to Assembly, No. 1178, State of New Jersey, dated March 11, 2021, reporting Assembly Bill No. 1178 favorably. The statement says the bill provides that corporations may use electronic networks, including distributed electronic networks or databases that use blockchain technology, to meet recordkeeping requirements. It states that corporate records of shares may be kept on an electronic network and that corporations may use electronic transmissions from electronic networks to meet certain notice provisions of existing law. As reported, the bill is identical to Senate Bill No. 898, as also reported by the committee.

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Cite this document

“Senate Commerce Committee Statement to Assembly, No. 1178 (State of New Jersey, March 11, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-11-scm-a1178-s2-ed3fb6a871/, SHA-256 93aa0700ab56509cf9efafa8b7df169e739438a7b6858226462d03c53846850d.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

               ASSEMBLY, No. 1178

 STATE OF NEW JERSEY
                     DATED: MARCH 11, 2021

     The Senate Commerce Committee reports favorably Assembly
Bill No. 1178.
     This bill provides that corporations may utilize electronic
networks, including distributed electronic networks or databases that
utilize blockchain technology, administered by or on the behalf of the
corporation, in order to meet recordkeeping requirements.
     Current law requires corporations to keep records containing the
names and addresses of all shareholders, the number, class and series
of shares held by each and the dates when they respectively became
the owners of the shares. This bill provides that these corporate records
of shares may be kept on an electronic network. It also provides that
corporations may use electronic transmissions from electronic
networks to meet with certain notice provisions of existing law.
    As reported, this bill is identical to Senate Bill No. 898, as also
reported by the committee.

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