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DE SB274

Bill

Status

Passed

7/27/2022

Primary Sponsor

Kyle Gay

Click for details

Origin

Senate

151st General Assembly

AI Summary

  • Expands definition of "partnership agreement" to clarify that protected series and registered series are bound by partnership agreements without requiring execution, and allows agreements to consist of multiple documents including schedules and supplements.

  • Permits manual, facsimile, or electronic signatures on certificates of partnership interest under § 17-113.

  • Modifies § 17-204(d) to specify that certificate execution represents an oath that facts "shall be true at the time such certificate becomes effective" rather than only "are true" at the time of execution.

  • Clarifies that domestication and conversion approvals occur at the time certificates become effective (rather than at filing), allowing proper timing of general partner consent requirements under §§ 17-215 and 17-217.

  • Updates § 17-1111 to explicitly include protected series and registered series in limited partnership revival provisions, validating all actions and preserving rights and liabilities of revived entities and their series.

Legislative Description

An Act To Amend Chapter 17, Title 6 Of The Delaware Code Relating To The Creation, Regulation, Operation And Dissolution Of Domestic Limited Partnerships And The Registration And Regulation Of Foreign Limited Partnerships.

Last Action

Signed by Governor

7/27/2022

Committee Referrals

Judiciary5/13/2022
Judiciary4/28/2022

Full Bill Text

No bill text available