N.J. Stat. § 14A:3-6.2: Conditions for commencing, maintaining proceeding.

2. 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.

L.2013, c.42, s.2.