New Jersey § 55:19-7
Full text of New Jersey New Jersey Statutes § 55:19-7, with citation guidance and answers to common questions.
§ 55:19-7.
a. The corporation shall have the right to exercise and perform its powers and functions
through one or more subsidiaries. The corporation by resolution may direct any of its directors, officers or employees
to organize a subsidiary pursuant to the corporation laws of this State. The resolution shall prescribe the purposes for which the subsidiary corporation
is to be formed. b. Such corporation shall be deemed a subsidiary whenever and so long as (1) more
than half of the outstanding voting shares of such corporation are owned by the corporation,
or (2) the corporation has the power to designate, and has so designated, a majority
of the directors of such corporation. c. The corporation may transfer to any subsidiary any money, property, real or personal
or mixed, or any project, in order to carry out the purposes of this act. Each subsidiary shall have all the powers, privileges, immunities, tax exemptions
and other exemptions of the corporation to the extent the same are not inconsistent
with the statute or statutes pursuant to which such subsidiary was incorporated. d. No officer or director of the corporation shall receive any additional compensation,
either direct or indirect, other than reimbursement for actual expenses necessarily
incurred in the performance of his duties, by reason of his serving as an officer
or director of any subsidiary.
Frequently Asked Questions About New Jersey § 55:19-7
What does New Jersey Statutes § 55:19-7 cover?
Section 55:19-7 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 55:19-7?
A common citation format is "New Jersey Statutes § 55:19-7" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 55:19-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.