Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
Delaware is on the verge of enacting legislation intended to facilitate the use of blockchain technology for corporate record keeping, after the measure sailed through both chambers of the state’s General Assembly.
The state’s House, in a 40-1 vote on June 30, passed proposed amendments to Delaware’s General Corporation Law (SB 69) that would provide a framework for how companies incorporated in the state can use blockchain, or “distributed ledger” technology.
Corporate governance attorneys have suggested that the technology may help companies keep better track of who owns their shares and proxy voting results.
The proposal, which earlier this month was unanimously passed by the state’s Senate, is expected to be signed into law by Gov. John Carney (D). Carney has around 10 days under state law to sign the legislation. His office didn’t immediately respond to a request for comment.
If signed into law, the amendments will be effective Aug. 1.
Also awaiting the governor’s signature are 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).
Those 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.
That amendment may be in response to a July 2016 Delaware Chancery Court ruling— Obeid v. Hogan—that concluded two LLCs couldn’t appoint a non-director to a special litigation committee because of the entities’ corporate governance structures.
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 email@example.com
The proposed amendments to the General Corporation Law are available at https://legis.delaware.gov/BillDetail?legislationId=25730The proposed amendment to Revised Uniform Partnership Act are available at https://legis.delaware.gov/BillDetail/25731The proposed amendments to the Revised Uniform Limited Partnership Act are available at https://legis.delaware.gov/BillDetail/25732The proposed amendments to the Limited Liability Company Act are available at https://legis.delaware.gov/BillDetail/25733
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)