SPONSOR:

Rep. Gilligan & Rep. Van Sant

& Rep. Spence & Rep. Smith & Rep. Lee & Rep. Hudson & Sen. Adams & Sen. McDowell & Sen. DeLuca & Sen. Cook & Sen. Vaughn & Sen. Still & Sen. Amick & Sen. Sorenson

HOUSE OF REPRESENTATIVES

142nd GENERAL ASSEMBLY

HOUSE BILL NO. 267

AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE GENERAL CORPORATION LAW.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein):

Section Amend Section 391 (a)(7), Title 8, Delaware Code, by striking the words "$20, except the fee for entering such information for a certificate of incorporation filed as required by ß 102 of this title shall be "$10" and substituting in lieu thereof the word "$25".

Section Amend Section 391 (a)(8), Title 8, Delaware Code, by striking the figure "$50" in the first instance where it appears and substituting in lieu thereof "$60" and by striking the figure "$50" in the second instance where it appears and substituting in lieu thereof "$100".

Section Amend Section 391 (a)(10), Title 8, Delaware Code, by striking the figure "$20" and substituting in lieu thereof "$30" and by striking the figure "$1" and substituting in lieu thereof "$2".

Section Amend Section 391 (a)(11), Title 8, Delaware Code, by striking the figure "$20" and substituting in lieu thereof "$30" and striking the figure "$100" and substituting in lieu thereof "$125".

Section Amend Section 391 (a)(12), Title 8, Delaware Code, by renumbering it as Section 391(a)(13) and renumbering all sections thereafter accordingly, and by adding a new paragraph (12) as follows:

"(12) For filing in the office of the Secretary of State any certificate of change of location or change of registered agent, as provided in ß133 of this Title, there shall be collected by and paid to the Secretary of State a fee of $50, plus the same fees for receiving, filing, indexing, copying and certifying the same as are charged in the case of filing a certificate of incorporation."

Section Amend newly renumbered Section 391 (a)(18), Title 8, Delaware Code, by striking the figure "$20" and substituting in lieu thereof "$25".

Section Amend newly renumbered Section 391 (a)(27), Title 8, Delaware Code, by striking the figure "$50" and substituting in lieu thereof "$100".

Section Amend Section 391(c), Title 8, Delaware code, by striking the figure "$5" and substituting in lieu thereof "$10" and striking the figure "$1" and substituting in lieu thereof "$2".

Section Amend Section 391(g), Title 8, Delaware Code, by striking the figure "$25" and substituting in lieu thereof "$60".

Section Amend Section 502 (c), Title 8, Delaware Code, by striking the figure "$50" and substituting in lieu thereof "$100".

Section Amend Section 503, Title 8, Delaware Code, by striking the figure "$30" or words "Thirty dollars" wherever they appear therein and substituting in lieu thereof "$35", by striking the figure "$50" wherever it appears therein and substituting in lieu thereof "$62.50", by striking the figure "$90" wherever it appears therein and substituting in lieu thereof "$112.50", by striking the figure "$200" wherever it appears therein and substituting in lieu thereof "$250", by striking the figure "$150,000" wherever it appears therein and substituting in lieu thereof "$165,000", and by striking the figure "$65,000" wherever it appears therein and substituting in lieu thereof "$75,000".

Section Amend Section 504 (g), Title 8, Delaware Code, by striking the figure "$25" and substituting in lieu thereof "$60".

Section 11 of this Act shall be effective as of January 1, 2003, and Sections 1-10 and Section 12 of this Act shall take effect on August 1, 2003.

SYNOPSIS

Section 1. Increases the fee for entering information from each instrument into the Delaware Corporation Information System from $20 to $25 and eliminates the exception that provides a lower fee for entering such information for a certificate of incorporation.

Section 2. Increases the annual report fee for foreign corporations from $50 to $60 and increases the penalty for neglect, refusal, or failure to file the annual report from $50 to $100.

Section 3. Increases the fee for certifying copies from $20 and $1 per page to $30 and $2 per page.

Section 4. Increases the fee for a short form certificate of good standing from $20 to $30 and increases the fee for a long form certificate of good standing from $100 to $125.

Section 5. Clarifies the fees for receiving, filing, indexing, copying and certifying an instrument filed with the Secretary of State to change the location of a corporationís registered office or to change a corporationís registered agent.

Section 6. Increases the annual franchise tax report fee from $20 to $25.

Section 7. Increases the fee for receiving and filing and/or indexing a certificate of conversion from a domestic corporation to another entity from $50 to $100.

Section 8. Increases the fee for uncertified copies of instruments, documents and other papers from $5 for the first page and $1 for each additional page to $10 for the first page and $2 for each additional page.

Section 9. Increases the amount the Secretary of State may charge for each check received for payment of fees that is returned for insufficient funds or as the result of a stop payment order from $25 to $60.

Section 10. Increases the tax for neglect, refusal, or failure to file an annual franchise tax report from $50 to $100.

Section 11. Increases the rates for computation of the annual franchise tax.

Section 12. Increases the amount the Secretary of State may add to a corporationís franchise tax for each check received for payment of franchise taxes, penalties or interest that is returned for insufficient funds or as the result of a stop payment order from $25 to $60.

Section 13. Provides for an effective date as of January 1, 2003 for all tax changes and an effective date of August 1, 2003 for all other changes.