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DE SB78
Bill
Status
6/24/2015
Primary Sponsor
Bryan Townsend
Click for details
AI Summary
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Amends Delaware's Limited Liability Company Act to apply proxy provisions alongside power of attorney rules in LLC governance.
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Changes voting requirements for mergers, consolidations, transfers, conversions, and dissolutions from requiring class-or-group approval to simple majority vote (more than 50% or more than 2/3 depending on action) of all members.
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Grandfathers LLCs formed on or before July 31, 2015, allowing them to retain prior voting requirements unless their LLC agreement specifies otherwise.
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Clarifies that delegation of management rights by members or managers is irrevocable if stated as such in the LLC agreement.
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Modifies Secretary of State public records procedures to permit issuing only photocopies or electronic image copies in exchange for statutory fees, with no requirement to provide bulk data or alternative formats.
Legislative Description
An Act To Amend Chapter 18, 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
6/24/2015