Small Business Reading Room

Delaware Corporate Legislation Tracker

HB 471
Title: AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ESCHEATS




Synopsis:
This Act remedies confusion that exists as a result of the current statutory construction of § 1203(a) and § 1203(b). As currently drafted, § 1203, as a whole, is ambiguous. In certain cases, a legal argument can be made that § 1203(a) and § 1203(b) apply contemporaneously to a similar set of facts. This amendment eliminates such a non-sensible result by making clear that subsections (a) and (b) are mutually-exclusive, whereby the application of subsection (a) is to the exclusion of subsection (b), and vice versa.


Bill History:

Jun 16, 2010 - Reported Out of Committee (JUDICIARY) in House with 6 On Its Merits
Jun 15, 2010 - Introduced and Assigned to Judiciary Committee in House

SB 302
Title: AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO STATUTORY TRUSTS




Synopsis:
This bill continues the practice of amending periodically the Delaware Statutory Trust Act (the “Act”) to keep it current and to maintain its national preeminence. The following is a section by section review of the amendments of the Act.
Sections 1 and 2. These amendments make some clarifying expansions to the defined terms used in the Act.
Section 3. This amendment confirms that pools of assets may constitute series under the Act.
Sections 4, 6 and 17. These amendments make some technical changes to the Act.
Section 5. This amendment confirms that a statutory trust will not be void for lack of a trustee.
Sections 7 and 8. These amendments make some clarifying changes to the Act relating to the time of dissolution of a statutory trust that is not the surviving entity in a merger and to the effective time of a certificate of correction. In addition, the Act is amended to provide that the Secretary of State may not issue a good standing certificate with respect to a statutory trust if its certificate of trust has been cancelled.
Sections 9, 10 and 11. These amendments make some clarifying changes to the Act.
Sections 12 and 28. These amendments amend the Act to allow for service of process upon the Secretary of State by means of electronic transmission but only as prescribed by the Secretary of State, to authorize the Secretary of State to issue such rules and regulations with respect to such service as the Secretary of State deems necessary or appropriate, and to enable the Secretary of State, in the event that service is effected through the Secretary of State in accordance therewith, to provide notice of service by letter sent by a mail or courier service that includes a record of mailing or deposit with the courier and a record of delivery evidenced by the signature of the recipient..
Section 13. This amendment increases the flexibility to amend a governing instrument or adopt a new governing instrument in connection with a merger or consolidation by, among other things, no longer requiring a specific reference to Section 3815(f) of the Act in the governing instrument agreement. This amendment provides that the amendments do not apply to statutory trusts formed prior to the effectiveness of the amendments unless the governing instruments of such statutory trusts provide otherwise.
Section 14. This amendment clarifies that a statutory trust that is not the surviving or resulting entity in a merger is not considered to have dissolved and is not required to wind-up its affairs.
Section 15. This amendment clarifies that appraisal rights can be extended to series of beneficial interests.
Sections 16, 19 and 21. These amendments clarify that a governing instrument may provide that a statutory trust does not have the power to merge, convert, transfer, domesticate or continue, as applicable.
Sections 18, 20 and 29. These amendments allow for service of process upon the Secretary of State thereunder by means of electronic transmission but only as prescribed by the Secretary of State, and to authorize the Secretary of State to issue such rules and regulations with respect to such service as the Secretary of State deems necessary or appropriate.
Section 22. This amendment is intended to make clear that the doctrine of “independent legal significance” applies to statutory trusts.
Section 23. This amendment mandates that a foreign statutory trust provide a current good standing certificate from its formation jurisdiction as part of its registration with the Secretary of State.
Section 24. This amendment requires a foreign statutory trust organized in series to provide notice of that fact when registering with the Secretary of State and to disclose whether there is a limitation on inter-series liability.
Sections 25, 26 and 27. These amendments makes some clarifying amendments with respect to registered agents of foreign statutory trusts.
Section 31. This section provides that the proposed amendments of the Act shall become effective on August 1, 2010.


Bill History:

Jun 17, 2010 - Assigned to Banking Committee in Senate

HB 477
Title: AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATED TO THE DELAWARE WHOLESALE LICENSE FEE


Synopsis:
This legislation clarifies that a pharmaceutical wholesaler located inside or outside of the state that ships pharmaceutical drugs to a pharmaceutical distribution wholesaler in this state is exempt from the gross receipts tax.


Bill History:

Jun 17, 2010 - Reported Out of Committee (REVENUE & FINANCE) in House with 2 Favorable, 5 On Its Merits
Jun 15, 2010 - Introduced and Assigned to Revenue & Finance Committee in House

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