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DE SB218
Bill
AI Summary
- Confirms that governing instruments of statutory trusts must be written but are not subject to any statute of frauds requirements
- Expands statutory trust powers to grant, hold, or exercise powers of attorney, including irrevocable powers of attorney under specified conditions
- Clarifies that supermajority amendment provisions in governing instruments apply only to expressly included provisions, not to default voting rules unless otherwise specified
- Allows beneficial owners and trustees to take action without a meeting through written consent or electronic transmission, and permits meetings to be held by conference telephone or other communications equipment
- Establishes procedures for correcting erroneously filed certificates of cancellation and allows the Court of Chancery to appoint trustees or receivers for cancelled trusts to settle unfinished business
- Modifies merger and consolidation requirements to include the type of business entity involved and allows agreements to effect amendments to governing instruments at the effective time of merger
- Effective date: August 1, 2012
Legislative Description
An Act To Amend Chapter 38, Title 12 Of The Delaware Code Relating To The Creation, Regulation, Operation And Dissolution Of Domestic Statutory Trusts.
Last Action
Signed by Governor
6/28/2012
Committee Referrals
Economic Development/Banking/Insurance/Commerce6/6/2012
Banking5/9/2012
Full Bill Text
No bill text available