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

Summary

Statement of the Senate Commerce Committee, State of New Jersey, dated March 11, 2021, reporting favorably Assembly Bill No. 1178. The bill provides that corporations may use electronic networks, including distributed electronic networks or databases that use blockchain technology, to meet recordkeeping requirements. It provides 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. The statement says that, as reported, the bill is identical to Senate Bill No. 898.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

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.

File and source

File

2021-03-11_SCM_A1178_S2.htm

Size

5,149 bytes

SHA-256

583f82fe229c529f1ad5c63b1e14467f4b38ff4e59aee916c7cb0dfc3e772d4a

Our copy

2021-03-11_SCM_A1178_S2.htm

Original

No public link identified.