Senate Bill 113

151st General Assembly (Present)

Bill Progress

Signed 6/30/21
Becomes effective upon date of signature of the Governor or upon date specified

Bill Details

4/21/21
Sen. Townsend
Rep. Lynn
AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE GENERAL CORPORATION LAW.
Section 1 of the Act amends § 160(c) to clarify that shares of a corporation's capital stock held by any other entity (whether a corporation or non-corporate entity) are not entitled to be either voted or counted for quorum purposes if the corporation directly or indirectly holds a majority of such other entity's voting power entitled to vote generally in the election of, or is otherwise entitled to appoint or act as, the governing body of such entity. This amendment to § 160(c) should not be construed to create any negative implication with respect to the inclusion or exclusion of non-corporate entities in connection with any other section of the DGCL. Section 2 of this Act provides that the effective date for Section 1 of this Act is to be August 1, 2021.
83:60
13
Not Required
8/1/21
N/A

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