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Senate Commerce Committee Statement to Senate, No. 898 (March 11, 2021)

Summary

A Senate Commerce Committee statement to Senate Bill No. 898, State of New Jersey, dated March 11, 2021. The committee reports the bill favorably. The bill provides that corporations may use electronic networks, including distributed electronic networks, to meet recordkeeping requirements for records of shareholders and to meet certain notice provisions. The statement says the bill is based on recent changes to the Delaware General Corporation Law that allow use of blockchain technology. As reported, the bill is identical to Assembly Bill No. 1178, as also reported by the committee.

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“Senate Commerce Committee Statement to Senate, No. 898 (March 11, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-11-scm-s898-s1-c441eb6583/, SHA-256 bceecce4ccec12fdf1b0317a373f0dca636049f3e765f85625f81f70fcf1dac2.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                   SENATE, No. 898

 STATE OF NEW JERSEY
                     DATED: MARCH 11, 2021

    The Senate Commerce Committee reports favorably Senate Bill
No. 898.
   This bill provides that corporations may utilize electronic
networks, including distributed electronic networks, 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 used in the bill, “electronic network” means one or more
electronic networks or databases, including one or more distributed
electronic networks or databases that utilize blockchain technology,
administered by or on the behalf of the corporation.
   This bill is based on recent changes to the Delaware General
Corporation Law which allow Delaware corporations to utilize
distributed electronic networks, also known as blockchain
technology, in order to create and maintain certain shareholder
records and meet with certain shareholder notice requirements.
This bill clarifies that New Jersey corporations may use blockchain
technology in order to simplify recordkeeping requirements.
   As reported, this bill is identical to Assembly Bill No. 1178, as also
reported by the committee.

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