N.J. Stat. § 14A:3-6.2 : — CORPORATIONS, GENERALGENERAL POWERS —6.2 - Conditions for commencing, maintaining proceeding TEXT PDF A shareholder may not commence or maintain a derivative proceeding unless the shareholder: (1) was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time and remains a shareholder throughout the derivative proceeding; and (2) fairly and adequately represents the interests of the corporation in enforcing the right of the corporation. N.J.S. § 14A:3-6.2 Added by L. , c. 42,s. 2, eff. 4/1/2013.