Loading chat...
DE SJR12
Joint Resolution
Status
6/30/2014
Primary Sponsor
Bryan Townsend
Click for details
AI Summary
-
Calls upon the Delaware State Bar Association and its Corporation Law Section to continue examining the state's business entity laws following the 2014 ATP Tours, Inc. v. Deutscher Tennis Bund decision that upheld "fee-shifting" bylaws for non-stock corporations
-
Expresses concern that allowing stock corporations to adopt fee-shifting bylaws could deter meritorious litigation by investors and upset the balance between directors, officers, controlling stockholders, and other stockholders
-
Directs examination of permissible scope of corporate governance documents affecting litigation conduct and forum selection for claims under Delaware business entity laws
-
Requests review of statutes and court rules governing appraisal rights, including the rate of interest on fair value determinations
-
Asks for legislative proposals to be submitted to the 148th General Assembly, potentially modifying, limiting, or expanding proposed Senate Bill 236 regarding these corporate litigation issues
Legislative Description
Calling For Continued Examination Of Important Proposed Amendments To The Delaware General Corporation Law Relating To Fee-shifting Bylaws And Other Aspects Of Corporate Litigation.
Last Action
Signed by Governor
6/30/2014