NJ Senate OKs Bill Allowing Forum Selection Bylaws

Law360, Trenton (January 5, 2018, 8:38 PM EST) -- The New Jersey Senate on Friday unanimously passed legislation that would permit corporations to include in their bylaws a provision stating that federal and state courts in the Garden State are the exclusive forum for certain shareholder actions.

In a 33-0 vote, taken without any comments, the Senate approved the measure — Assembly Bill A-2162 — to allow corporate bylaws to contain a so-called "forum selection clause" and require shareholders who file cases in violation of such a clause to foot the costs of enforcing that requirement.

The Democrat-sponsored legislation, which was unanimously passed by the state Assembly last month, now...

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