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Friday, May 13, 2011

The Delaware Corporate Legislation Tracker

Better late than never!

Blogger had some issues today; we apologize for the late posting of our weekly resource...


The Delaware Corporate Legislation Tracker is a free service, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters. Stay on top of changes to the DGCL & the Delaware Code with the Delaware Corporate Legislation Tracker!

The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 5/10/2011:

HB 111
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO ANTITRUST ACTIONS.



Synopsis:

This Act strengthens the Office of the Attorney General’s ability to work collectively with the federal agencies and other state attorneys general in multi-state investigations by extending the statute of limitations for bringing antitrust actions from 3 to 4 years. The statute of limitations for federal antitrust actions is four years and for most other state antitrust actions, four or more years. The legislation also incorporates the provision under federal law that suspends the statute of limitations for antitrust actions when the federal government has instituted an antitrust action.


Bill History:

May 10, 2011 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House





The following Legislation affecting Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the General Assembly on 5/11/2011:

HB 115
Title: AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO STATUTORY TRUSTS



Synopsis:

This Bill makes the following changes to Delaware statutory trust law [Chapter 38, Title 12 of the Delaware Code]:

Section 1 of the Bill amends § 3807 by adding three new subsections to provide that (i) the registered agent of one or more statutory trusts may resign as registered agent and appoint a successor [3807(f)], (ii) the registered agent of one or more statutory trusts may resign as registered agent without appointing a successor [3807(g)], and (iii) in any certificate or other document filed with the Secretary of State pursuant to Chapter 38, the address of the trustee and the registered agent or registered office of the statutory trust must include the street, number, city and postal code [3807(h)].

Section 2 of the Bill confirms that a certificate filed under Chapter 38 may be made effective at a date or time later than its filing as specified in the certificate; however, for filings made on or after January 1, 2012, the effective date or time cannot be later than the 180th day after the filing date of the certificate.

Section 3 of the Bill amends § 3812 by adding a new subsection (g) to provide that there is no need to amend a certificate of trust or other document on file before August 1, 2011 in order to comply with new § 3807(h), but that any certificate or other document filed on or after August 1, 2011 and changing the address of a trustee or registered agent or office must comply with new § 3807(h).

Section 4 of the Bill provides that a registered agent filing a certificate under new § 3807(f) shall pay a fee in the amount of $200, and a registered agent filing a certificate under new § 3807(g) shall pay a fee in the amount of $2.00 for each statutory trust whose registered agent has resigned by such certificate.

Section 5 of the Bill amends § 3814(a) to provide that a domestic statutory trust may not register under a name that is not such as to distinguish it upon the records of the Secretary of State from the name of another domestic statutory trust unless the domestic statutory trust is registered as of July 31, 2011 and has obtained the consent of the other domestic statutory trust. Section 5 of the Bill further amends § 3814(a) to clarify that a domestic statutory trust may register under the same name as a foreign statutory trust registered under the laws of this State, regardless of when the domestic statutory trust is registered, as long as the foreign statutory trust consents in writing to the use of its name and the consent is filed with the Secretary of State.

Section 6 of the Bill provides that notwithstanding anything to the contrary contained in the governing instrument of the statutory trust, an agreement of merger or consolidation approved in accordance with § 3815(a) may (i) effect an amendment to the governing instrument of the statutory trust, or (ii) effect the adoption of a new governing instrument to the statutory trust if the statutory trust is the surviving or resulting statutory trust in the merger or consolidation.

Section 7 of the Bill clarifies that the filing of a certificate of conversion to statutory trust and the filing of a certificate of trust--both of which are required to be filed with the Secretary of State in order to convert another entity to a statutory trust--must be filed simultaneously with the Secretary of State. Likewise, to the extent such certificates are to have post-filing dates or times, the certificates must provide for the same effective date or time.

Section 8 of the Bill clarifies that the filing of a certificate of statutory trust domestication and the filing of a certificate of trust--both of which are required to be filed with the Secretary of State in order to domesticate a non-United States entity as a Delaware statutory trust--must be filed simultaneously with the Secretary of State. Likewise, to the extent such certificates are to have post-filing dates or times, the certificates must provide for the same effective date or time.

Section 9 of the Bill amends § 3862 to provide that (i) a registered agent filing a certificate under § 3854(c) shall pay a fee in the amount of $200, (ii) a registered agent filing a certificate under § 3854(d) shall pay a fee in the amount of $200, and (iii) a registered agent filing a certificate under § 3854(e) shall pay a fee in the amount of $2.00 for each statutory trust whose registered agent has resigned by such certificate.


Bill History:

May 11, 2011 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House





The following Legislation affecting Title 29 - State Government was acted upon by the General Assembly on 5/12/2011:

HB 119
Title: AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO DELAWARE ECONOMIC AND FINANCIAL ADVISORY COUNCIL.



Synopsis:

This act requires the Delaware Economic and Financial Advisory Council’s June projections be published no later than June 15th of each year.


Bill History:

May 12, 2011 - Introduced and Assigned to House Administration Committee in House



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Thursday, May 12, 2011

Race Weekend 2011 May 13 – 15

Planning on being in the city of Dover this weekend?

If you are, you are in for a treat as Nascar will be visiting the Dover International Speedway located at Dover Downs. “ The Monster Mile” is a fun sight for the family to see, but throughout the lots and even the city you will find things to do. The cars to be raced will be located in different businesses so that you will get a chance to see them. There are also plenty of freebies such as shirts, drinks, and food from the sponsors of the drivers. For adults, there are bull rides and specials at most restaurants.

If you have never been or want to go again, take a trip to the State’s capital this weekend.
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