Loading chat...
DE HB338
Bill
Status
6/25/2012
Primary Sponsor
William Carson
Click for details
AI Summary
-
Restricts use of the word "bank" or variations in LLC names, except for banks under state supervision, bank subsidiaries, or entities regulated under the Bank Holding Company Act or Home Owners' Loan Act.
-
Clarifies that LLC agreements may be made effective as of the filing date of the certificate of formation or at other times as specified in the agreement.
-
Requires disclosure of the type of business entity involved in merger or consolidation transactions and when converting to a Delaware LLC.
-
Permits managers associated with a series LLC to apply to the Court of Chancery to wind up the series' affairs following termination.
-
Exempts obligations between members and/or managers from usury defenses and clarifies that only members (not managers' personal representatives or assignees) may apply to wind up LLC affairs.
-
Effective August 1, 2012.
Legislative Description
An Act To Amend Title 6 Of The Delaware Code Relating To The Creation, Regulation, Operation And Dissolution Of Domestic Limited Liability Companies And The Registration And Regulation Of Foreign Limited Liability Companies.
Last Action
Signed by Governor
6/25/2012