Gibbons Law Alert

Gibbons Law Alert

Tagged: New Jersey State Senate

New Jersey Legislature Reorganizes and Governor Christie Delivers His Final State of the State Address

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Posted in State Government

On January 10, 2018

The 218th Session of the New Jersey Legislature began on January 9, 2018 with the swearing-in of new members, remarks from Senate President Stephen Sweeney (D-3) and newly elected Speaker Craig Coughlin (D-19), and the final State of the State Address from Governor Chris Christie. Senate Reorganization Senate President Stephen Sweeney retained his role as leader of the Senate. Democrats control the chamber by a 25 to 15 margin, a one seat gain from the prior session. The Senate has five new members: Chris Brown (R-2); Troy Singleton (D-7); Vin Gopal (D-11); Declan O’Scanlon (R-13); and Joe Cryan (D-20). Senate President Sweeney outlined his priorities for the 218th Session. The Senate will convene a joint panel on taxation, led by Senator Paul Sarlo (D-36) and Senator Steve Oroho (R-24). The Senate will also focus on equalizing the school funding formula among towns, expanding pre-K education and focusing on higher education affordability. The Senate President called for a new round of higher education investment and for expanding the progress made on vocational employment. Transportation infrastructure will be a focus for the Senate. Specifically, the Senate President spoke of expanding light rail service along the Hudson-Bergen Rail and the creation of the Camden-Glassboro Light Rail. Freight rail is also an area in need of improvement as New...

Murphy Wins Governor’s Race, Democrats Pick Up Seats in the Legislature

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Posted in Elections

On November 8, 2017

On Tuesday, November 7th, New Jersey voters elected Democrat Phil Murphy as the next Governor of New Jersey. Mr. Murphy defeated the State’s Republican Lieutenant Governor, Kim Guadagno, by a margin of 56% to 42%. All 120 seats in the State Legislature were also on the ballot, and the Democrats retained their majority in both houses. Democrats will pick up one Senate seat and two Assembly seats, bringing their control to 25 seats in the Senate, and 54 seats in the Assembly. Lastly, voters approved two ballot questions related to borrowing for library improvements and the dedication of funds for environmental cleanups. Governor’s Race Phil Murphy was the favored candidate from the start of the general election, having outpolled Lieutenant Governor Guadagno by as much as 20 percent in some surveys. This campaign marked Governor-Elect Murphy’s first time running for public office. He is a former Goldman Sachs executive, and the former Finance Chair of the Democratic National Committee. Mr. Murphy also served as Ambassador to Germany during President Obama’s first term. The Murphy campaign focused on three main issues: growing the economy, economic fairness, and investing in New Jersey. Governor-Elect Murphy’s platform included raising new tax revenues through closing corporate loopholes, increasing the income tax on millionaires, and legalizing and taxing marijuana. He also...

New Jersey Legislature Considers Corporate and Business Law Reforms

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Posted in Corporations

On August 28, 2017

A series of bills that would reform the New Jersey Business Corporation Act (“NJBCA”) are slowly churning their way through the New Jersey State Legislature. The pending legislation is modeled upon provisions of the “Delaware Business Corporation Law” and the recommendations of the “New Jersey Corporate and Business Law Study Commission.” In sum, the proposed revisions would generally benefit corporate boards of directors and modernize provisions of the NJBCA. Inspections of Corporate Books and Records Assembly Bill 2975 (Pinkin)/Senate Bill 2238 (Diegnan) modifies the NJBCA to allow corporations to impose reasonable limitations or conditions on the use or distribution of requested corporate books and records. While the bill does not define such “limitations and conditions,” the legislative statement accompanying A-2975/S-2238 provides an example of conditioning the receipt of requested materials on the demanding shareholder agreeing to customary confidentiality obligations. The bill preserves the ultimate authority of a court to decide and order relief in actions brought by shareholders for inspection of materials. On January 23, 2017, A-2975 passed the General Assembly by a vote of 69-0. On June 19, 2017, S-2238 passed the Senate Commerce Committee by a vote of 4-0. This bill is now awaiting a vote in the full State Senate. Derivative Proceedings and Shareholder Class Actions Assembly Bill 2970 (Pinkin)/Senate Bill 2236 (Diegnan) gives...

Update: Waterfront Access Stakeholder Group Reports to Senate Committee

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Posted in Environmental and Green Issues

On May 20, 2016

As previously reported, the New Jersey State Senate Environment and Energy Committee convened a stakeholder group to explore legislative action to address waterfront and shoreline public access. On April 21, 2016, the Committee took testimony from the stakeholder group, which will provide a full report to the Committee in a few weeks. Legislation based on the stakeholder’s report may be up for consideration in the fall. The stakeholder group received comments and participation from roughly 80 different entities. The stakeholder group members testified that a general consensus existed between all stakeholders regarding the need to protect critical infrastructure and hazardous sites from public access. This includes the State’s ports, nuclear facilities, chemical and petroleum locations, and environmentally compromised areas (i.e., locations subject to environmental cleanup). Consensus did not exist among the stakeholder group regarding access to waterfront property on or near industrial or commercial locations that are non-critical. There is also a lack of consensus regarding urban waterfront access near residential and commercial buildings. We will continue to monitor the Committee’s work towards drafting a legislative proposal on waterfront access. Should you or your organization have an interest in engaging on this issue, please contact a member of the Gibbons Government & Regulatory Affairs Department.

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