Small Business Reading Room


Friday, June 15, 2012

The Delaware Corporate Legislation Tracker - June 15th, 2012

Did you hear about the new changes proposed to Delaware Corporate Law?

Stay on top of changes to the DGCL and the Delaware Code with the Delaware Corporate Legislation Tracker!

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

Here's the latest edition:


The following Legislation affecting Title 29 - State Government was acted upon by the General Assembly on 6/12/2012:


HB 386
Title: AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO STATE ECONOMIC DEVELOPMENT.



Synopsis:
This Act will allow expanded early stage investment of capital into targeted Delaware businesses, thereby assisting in the creation of jobs. The Act provides tax credits for investments into targeted small businesses that have been certified by the First State Angel Investment Council (FSAIC). The FSAIC FSAIC will review applications submitted by small businesses meeting the eligibility requirements. A qualified investor may then make an investment into the qualified small business and receive a tax credit for Delaware income tax.

The FSAIC is authorized to grant $500,000 of state income tax credits within a period of two years from the passage of the Act. This will potentially generate $2.5 million of private investment into qualified small businesses and if the average size of an investment is $50,000, there will be fifty Delaware small businesses that will receive investments which will help create new jobs in the state which will foster additional economic activity including more personal income tax revenue for the state.

Bill History:

Jun 12, 2012 - Introduced and Assigned to House Administration Committee in House


The following Legislation affecting Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the General Assembly on 6/13/2012:


SB 218
Title: AN ACT TO AMEND CHAPTER 38, TITLE 12 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC STATUTORY TRUSTS.



Synopsis:
This bill proposes changes to Delaware Statutory Trust Act (the “Act”) to keep it current and to maintain its national preeminence.


Bill History:

Jun 13, 2012 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 11 On Its Merits
Jun 06, 2012 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
Jun 05, 2012 - Passed by Senate.
Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (BANKING) in Senate with 6 On Its Merits
May 09, 2012 - Assigned to Banking Committee in Senate


The following Legislation affecting Title 6 - Commerce and Trade was acted upon by the General Assembly on 6/13/2012:


HB 338
Title: AN ACT TO AMEND 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.


Bill History:

Jun 13, 2012 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
May 23, 2012 - Assigned to Judiciary Committee in Senate
May 17, 2012 - Passed by House of Representatives.
Votes: Passed 38 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits
May 10, 2012 - Introduced and Assigned to Judiciary Committee in House



HB 339
Title: AN ACT TO AMEND 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 Partnership Act (the "Act") to keep it current and to maintain its national preeminence.


Bill History:

Jun 13, 2012 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
May 23, 2012 - Assigned to Judiciary Committee in Senate
May 17, 2012 - Passed by House of Representatives.
Votes: Passed 37 YES 0 NO 0 NOT VOTING 4 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits
May 10, 2012 - Introduced and Assigned to Judiciary Committee in House

HB 340
Title: AN ACT TO AMEND 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 13, 2012 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
May 23, 2012 - Assigned to Judiciary Committee in Senate
May 17, 2012 - Passed by House of Representatives.
Votes: Passed 36 YES 0 NO 0 NOT VOTING 5 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits
May 10, 2012 - Introduced and Assigned to Judiciary Committee in House


The following Legislation affecting Title 8 - Corporations was acted upon by the General Assembly on 6/13/2012:


HB 342
Title: AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE GENERAL CORPORATION LAW.


Synopsis:

This bill continues the practice of amending periodically the Delaware General Corporation Law (the “DGCL”) to keep it current and to maintain its national preeminence.

Bill History:

Jun 13, 2012 - Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
May 23, 2012 - Assigned to Judiciary Committee in Senate
May 17, 2012 - Passed by House of Representatives.
Votes: Passed 36 YES 0 NO 0 NOT VOTING 5 ABSENT 0 VACANT
May 16, 2012 - Reported Out of Committee (JUDICIARY) in House with 7 On Its Merits
May 10, 2012 - Introduced and Assigned to Judiciary Committee in House






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