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A bill to clarify that Delaware corporations can use blockchain technology for maintaining their internal records has been introduced into Delaware’s General Assembly.
Under the proposal, introduced May 5, Delaware’s General Corporation Law (DGCL) would be amended to provide a framework for how companies incorporated in the state can use blockchain, or “distributed ledger” technology, for recordkeeping.
Blockchain is a shared online ledger system with multiple potential uses in the securities industry. According to state officials, the use of the technology potentially could help companies speed up automated processes, lower transaction costs and reduce fraud.
The DGCL blockchain amendments were introduced with other proposed changes to the state’s alternative entities statutes—Revised Uniform Partnership Act (SB 70), Revised Uniform Limited Partnership Act (SB 71) and Limited Liability Company Act (SB 72). The LLC amendments include one that would confirm and clarify the broad power and authority of a limited liability company member or manager to delegate his or her powers and duties.
The proposed amendments, which were drafted by the Delaware State Bar’s Corporation Law Council, must be approved by the Delaware Legislature, before they can reach the desk of Gov. John C. Carney Jr. (D).
“My hope is that the bills will be heard in committee on May 17,” Sen. Bryan Townsend (D), primary sponsor of the bills, told Bloomberg BNA May 8.
To contact the reporter on this story: Michael Greene in Washington at mGreene@bna.com
To contact the editor responsible for this story: Yin Wilczek at firstname.lastname@example.org
The proposed amendments to the General Corporation Law are available at https://legis.delaware.gov/BillDetail/25730
The proposed amendment to Revised Uniform Partnership Act are available at https://legis.delaware.gov/BillDetail/25731
The proposed amendments to the Revised Uniform Limited Partnership Act are available at https://legis.delaware.gov/BillDetail/25732
The proposed amendments to the Limited Liability Company Act are available at https://legis.delaware.gov/BillDetail/25733
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