Economic bills sail through Assembly

TRENTON - The New Jersey Assembly yesterday unanimously passed a package of bills to help the state's economy as national leaders grapple with the Wall Street financial meltdown.

The seven-bill package, spearheaded by Assemblyman Patrick Diegnan (D., Middlesex) loosens New Jersey's corporate law requirements to make it easier to operate a business in the state.

"We can no longer pay lip service to making New Jersey more business friendly. We must act," Diegnan said before the package was voted on.

Assemblyman Vincent J. Polistina (R., Atlantic) voiced support for the package but also put in a dig at state government about something else that hinders business: taxes.

The legislation is designed to make New Jersey more competitive with its neighbors, especially Delaware, where a large number of national businesses are incorporated.

Specific measures include:

Allowing corporate notices to directors and shareholders to be sent electronically.

Eliminating a rule requiring at least 10 days' notice to shareholders about items that could be voted on.

Simplifying rules involving the resignation of corporate directors.

Providing speedier options for businesses filing with the state Division of Commercial Recordings.

Giving corporations more flexibility to adopt alternative voting methods to select directors.

Expanding the types of foreign business entities allowed to merge with corporations in the state.

Giving corporations more flexibility to award stock grants instead of stock options to executives.

The bill package now goes to the Senate for consideration.

Besides the corporation law package, the Assembly passed a bill to start a pilot program to educate high school students on personal finance management. That bill also goes to the Senate for consideration.

There was another bill to provide better access to job training for people affected by a plant closing or mass layoff, but it was held.