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

This bill updates New Jersey's law governing shareholder votes on matters other than electing board directors. It clarifies that corporations can establish in their bylaws a requirement for a majority of shareholders *present or voting by proxy* (not just a majority of all shares outstanding) to approve such actions. This change directly affects corporations and their shareholders when voting on issues like mergers, asset sales, or major policy changes. The bill is pending in the Assembly Financial Institutions and Insurance Committee and would apply to votes occurring after enactment.