Updates law governing votes by shareholders for items other than for election of members to board of directors.

This bill updates New Jersey's corporate law to clarify how shareholders vote on matters other than electing board members. It allows corporations to set in their bylaws that such votes require a majority of shareholders *present* or voting by proxy (not just a majority of all shares outstanding). This directly affects corporations holding shareholder meetings, giving them more flexibility in structuring voting procedures for routine decisions like amendments or mergers. The change does not alter voting thresholds but streamlines how corporations can establish meeting rules.