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Current as of February 19, 2021 | Updated by FindLaw Staff
a. A benefit corporation may terminate its status as a benefit corporation and cease to be subject to this act by amending its certificate of incorporation to delete the provision required by section 2 or subsection a. of section 3 of this act. 1 The amendment shall not be effective unless it is adopted by at least the minimum status vote.
b. If a plan of merger, consolidation or exchange would have the effect of terminating the status of a corporation as a benefit corporation, the plan shall not be effective unless it is adopted by at least the minimum status vote.
Cite this article: FindLaw.com - New Jersey Statutes Title 14A. Corporations, General 14A § 18-4 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-14a-corporations-general/nj-st-sect-14a-18-4/
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