Senate Bill 156
149th General Assembly (Present)
Becomes effective upon date of signature of the Governor or upon date specified
AN ACT TO AMEND TITLE 29 OF THE DELAWARE CODE RELATING TO CONVERSION TRANSACTIONS FOR NOT-FOR-PROFIT HEALTHCARE ENTITIES.
This Act amends § 2532 of Title 29, in the Not-for-Profit Healthcare Conversion Act, to ensure that the Attorney General has sufficient time to review a proposed not-for-profit healthcare conversion and, if appropriate, take action to protect the charitable assets being held for public benefit. Due to an apparent drafting error, the Not-for-Profit Healthcare Conversion Act currently permits a not-for-profit healthcare entity to provide notice to the Attorney General of a proposed not-for-profit healthcare conversion as late as the day of the proposed transaction, which would prevent the Attorney General from performing the functions intended by the General Assembly when it enacted the Not-for-Profit Healthcare Conversion Act.