Small Business Reading Room


Friday, June 17, 2011

The Delaware Corporate Legislation Tracker

Stay on top of proposed legislative changes to the DGCL and important issues related to business in Delaware!

The Delaware Corporate Legislation Tracker is a free service, designed to keep you informed on current and pending legislation related to Delaware Corporate rules and regulations.

Here's what's been happening this past week:

The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/14/2011:

HS 1 for HB 88
Title: AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO THE REGULATION OF SECURITIES.



Synopsis:

This bill, named the “Delaware Investor Protection Act,” re-organizes the provisions of the Delaware Securities Act (6 Del. C., Ch. 73) into seven subchapters and makes substantive amendments to the Act.



Bill History:

Jun 14, 2011 - Assigned to Judiciary Committee in Senate

Jun 14, 2011 - Passed by House of Representatives.
Votes: Passed 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT

Jun 08, 2011 - Reported Out of Committee (JUDICIARY) in House with 1 Favorable, 5 On Its Merits

Jun 07, 2011 - Adopted in lieu of the original bill HB 88, and assigned to Judiciary Committee in House




The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/15/2011:

SB 95
Title: AN ACT TO AMEND CHAPTER 17, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC LIMITED PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED PARTNERSHIPS.



Synopsis:
This bill continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the "Act") to keep it current and to maintain its national preeminence.


Bill History:

Jun 15, 2011 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits

Jun 07, 2011 - Introduced and Assigned to Judiciary Committee in House

Jun 02, 2011 - Passed by Senate.
Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT

Jun 01, 2011 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits

May 31, 2011 - Assigned to Judiciary Committee in Senate



The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/15/2011:

SB 74
Title: AN ACT TO AMEND CHAPTER 15, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED LIABILITY PARTNERSHIPS



Synopsis:
This bill continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the "Act") to keep it current and to maintain its national preeminence.


Bill History:

Jun 15, 2011 - Reported Out of Committee (JUDICIARY) in House with 9 On Its Merits

Jun 07, 2011 - Introduced and Assigned to Judiciary Committee in House

Jun 02, 2011 - Passed by Senate.
Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT

Jun 01, 2011 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits

May 05, 2011 - Assigned to Judiciary Committee in Senate


The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/15/2011:

SB 76
Title: AN ACT TO AMEND CHAPTER 18, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC LIMITED LIABILITY COMPANIES AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED LIABILITY COMPANIES.



Synopsis:
This bill continues the practice of amending periodically the Delaware Limited Liability Company Act (the "Act") to keep it current and to maintain its national preeminence. The following is a section-by-section review of the proposed amendments of the Act.


Bill History:

Jun 15, 2011 - Reported Out of Committee (JUDICIARY) in House with 9 On Its Merits

Jun 07, 2011 - Introduced and Assigned to Judiciary Committee in House

Jun 02, 2011 - Passed by Senate.
Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT

Jun 01, 2011 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits

May 05, 2011 - Assigned to Judiciary Committee in Senate


The following Legislation affecting Title 8 - Corporations was acted upon by the General Assembly on 6/15/2011:

SB 77
Title: AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE GENERAL CORPORATION LAW.



Synopsis:
This bill give the Division of Corporations the discretion to waive the requirement that a corporation’s name contain certain words or abbreviations thereof (such as “incorporated”), if the corporation is both a nonprofit nonstock corporation and an association of professionals. It also amends several other sections of the DGCL.


Bill History:

Jun 15, 2011 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits

Jun 07, 2011 - Introduced and Assigned to Judiciary Committee in House

Jun 02, 2011 - Passed by Senate.
Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT

Jun 01, 2011 - Reported Out of Committee (JUDICIARY) in Senate with 4 On Its Merits

May 05, 2011 - Assigned to Judiciary Committee in Senate


The following Legislation affecting Title 23 - Navigation and Waters was acted upon by the General Assembly on 6/15/2011:

SB 128
Title: AN ACT TO AMEND TITLE 23 OF THE DELAWARE CODE RELATING TO THE INCREASE OF FEES CHARGED FOR VESSEL REGISTRATIONS.



Synopsis:
This Bill recognizes the consolidation of the Department of Natural Resources and Environmental Control Law-Enforcement Officers under the Office of Community Services. It also directs DNREC and the Office of Management and Budget to develop an action plan/report regarding the salary and retention issues relative to Natural Resources law-enforcement officers. The increased fees collected under the amendments to Title 23 of this Bill create an Appropriated Special Fund for future use to fund increases in Natural Resources law-enforcement officer salaries, subject to approval by the General Assembly.


Bill History:

Jun 15, 2011 - Reported Out of Committee (FINANCE) in Senate with 6 On Its Merits

Jun 14, 2011 - Assigned to Finance Committee in Senate


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June 2011 Business Outlook Survey from the Federal Reserve Bank of Philadelphia

Philly Fed Firms responses to the Business Outlook Survey suggest that regional manufacturing activity weakened in June. The survey’s indicators for activity and new orders turned negative this month, while indicators for shipments and employment fell but remained slightly positive. Indicators for prices show a continuing trend of moderating price pressures. The broadest indicator of future activity fell sharply in June, recording its lowest reading in 31 months.

Indicators Suggest Weakening Business

The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, decreased from 3.9 in May to -7.7, its first negative reading since last September (see Chart). The demand for manufactured goods, as measured by the current new orders index, showed a similar decline: The index fell 13 points and recorded its first negative reading since last October. The current shipments index fell just 3 points but remained slightly positive. Firms reported declines in inventories and unfilled orders, and shorter delivery times.

Firms’ responses suggested little overall improvement in the labor market this month. The current employment index remained positive for the ninth consecutive month, but only 14 percent of the firms reported an increase in employment, while 10 percent reported a decline. Only slightly more firms reported a longer workweek (14 percent) than reported a shorter one (12 percent) and the workweek index was down only slightly from May.

Price Pressures Show Moderation

Indexes for prices paid and prices received declined from May and continue a trend of moderating price pressures in recent months. The prices paid index declined sharply, by 22 points this month. Still, 37 percent of the firms reported higher prices for inputs this month, and 10 percent reported a decline. On balance, firms reported a slight rise in prices for manufactured goods: 17 percent reported higher prices for their own goods this month; 12 percent reported price reductions. The prices received index decreased 12 points, its second consecutive monthly decline.

Six-Month Indicators Fall Sharply Again

The future general activity index decreased 14 points this month and has now dropped 61 points over the last three months (see Chart). The indexes for future new orders and shipments also declined, decreasing 9 and 14 points, respectively. The index for future employment fell 17 points and has declined 32 points in the last two months. Still, slightly more firms expect to increase employment over the next six months (21 percent) than expect to decrease employment (16 percent).

In special questions this month, firms were asked about recent cost increases for energy and raw materials and the nature of their pricing since the beginning of the year. Forty-seven percent of the firms indicated they had increased base prices since the beginning of the year, although 54 percent said they have been unable to pass on cost increases. Moreover, 19 percent have instituted surcharges, and 14 percent have price escalation clauses covering cost increases. Respondents also indicated that a large percentage of their suppliers have instituted surcharges covering recent cost increases: 71 percent of the firms reported surcharges for transportation, 36 percent for commodities, and 36 percent for energy. Thirty-four percent of the firms indicated that surcharges and/or escalation clauses have always been an important element of their own pricing.

Summary

According to respondents to the June Business Outlook Survey, the region’s manufacturing sector weakened this month. The survey’s broad indicators for general activity and new orders suggested slight declines, while indicators for shipments and employment suggested only slight growth. Fewer firms cited input price pressures this month, and fewer firms reported higher prices for their own manufactured goods. The broadest indicators for future activity continued to decline and are now at their lowest reading in over two years.

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113 Barksdale Professional center
Newark, DE 19711-3258

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