Senate Bill 77 Summary

• Amends Delaware's General Corporation Law (Title 8) to provide discretionary waivers for certain corporate naming requirements, effective August 1, 2011.

• Allows the Division of Corporations to waive mandatory name designations (like "incorporated") for nonprofit nonstock professional associations, and permits use of "trust" in corporate names when clearly not referring to trust business activities.

• Requires registered office addresses in Delaware corporations to include street number, city, county, and postal code in all future filings, with a transition provision exempting pre-August 1, 2011 documents.

• Clarifies that corporations must pay all franchise taxes and file final annual reports before dissolution, merger, transfer, or conversion, though the Secretary of State's filing of relevant instruments triggers the effective transaction.

• Modernizes statutory references to banking regulations and clarifies definitions of "exempt corporations" to include religious organizations, charitable associations, and mutual benefit societies that do not pay franchise taxes.