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DELAWARE CORPORATION AND LLC LAWS ANNOTATED
2016 | EDITION
CT
KNOWLEDGE SHARE
i
TABLE OF CONTENTS
DELAWARE CONSTITUTION Article IX 1 §1 Corporations Must Be Organized Under General Laws 1 §2 Pre-Existing Corporations Must Accept Provisions of
Constitution Before Amendment or Renewal of Charter 1 §3 Stock Must Be Issued for Cash, Labor or Property 1 §4 Reservation Protective of Existing Corporate Rights 2 §5 Foreign Corporations, Before Doing Business in State,
Must Appoint Agent for Service of Process 2 §6 Shares of Non-Residents Shall Not Be Taxed 2 DELAWARE GENERAL CORPORATION LAW Title 8. Corporations Chapter 1. General Corporation Law 3 Subchapter I. Formation 3 §101 Incorporators; How Corporation Formed; Purposes 3 §102 Contents of Certificate of Incorporation 4 §103 Execution, Acknowledgment, Filing, Recording and
Effective Date of Original Certificate of Incorporation and Other Instruments; Exceptions 14
§104 Certificate of Incorporation; Definition 20 §105 Certificate of Incorporation and Other Certificates;
Evidence 21 §106 Commencement of Corporate Existence 21 §107 Powers of Incorporators 22 §108 Organization Meeting of Incorporators or Directors
Named In Certificate of Incorporation 22 §109 Bylaws 23 §110 Emergency Bylaws and Other Powers in Emergency 25 §111 Jurisdiction to Interpret, Apply, Enforce or Determine
the Validity of Corporate Instruments and Provisions of This Title 27
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§112 Access to Proxy Solicitation Materials 28 §113 Proxy Expense Reimbursement 29 §114 Application of Chapter to Nonstock Corporations 29 §115 Forum Selection Provisions 30 Subchapter II. Powers 31 §121 General Powers 31 §122 Specific Powers 31 §123 Powers Respecting Securities of Other Corporations
or Entities 36 §124 Effect of Lack of Corporate Capacity or Power;
Ultra Vires 37 §125 Conferring Academic or Honorary Degrees 38 §126 Banking Power Denied 40 §127 Private Foundation; Powers and Duties 40 Subchapter III. Registered Office and Registered Agent 40 §131 Registered office In State; Principal office or Place of
Business In State 40 §132 Registered Agent in State; Resident Agent 41 §133 Change of Location of Registered Office; Change of
Registered Agent 45 §134 Change of Address or Name of Registered Agent 45 §135 Resignation of Registered Agent Coupled With
Appointment of Successor 46 §136 Resignation of Registered Agent Not Coupled
with Appointment of Successor 47 Subchapter IV. Directors and Officers 48 §141 Board of Directors; Powers; Number, Qualifications,
Terms and Quorum; Committees; Classes of Directors; Nonstock Corporations; Reliance upon Books; Action Without Meeting; Removal 48
§142 Officers; Titles, Duties, Selection, Term; Failure to Elect; Vacancies 64
§143 Loans to Employees and officers; Guaranty of Obligations of Employees and Officers 67
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§144 Interested Directors; Quorum 67 §145 Indemnification of Officers, Directors, Employees and
Agents; Insurance 69 §146 Submission of Matters for Stockholder Vote 74
Subchapter V. Stock and Dividends 75 §151 Classes and Series of Stock; Redemption; Rights 75 §152 Issuance of Stock; Lawful Consideration; Fully
Paid Stock 81 §153 Consideration for Stock 82 §154 Determination of Amount of Capital; Capital, Surplus
and Net Assets Defined 85 §155 Fractions of Shares 86 §156 Partly Paid Shares 87 §157 Rights and Options Respecting Stock 87 §158 Stock Certificates; Uncertificated Shares 90 §159 Shares of Stock; Personal Property, Transfer
and Taxation 91 §160 Corporation’s Powers Respecting Ownership, Voting,
etc., of Its Own Stock; Rights of Stock Called for Redemption 92
§161 Issuance of Additional Stock; When and by Whom 95 §162 Liability of Stockholder or Subscriber for Stock
Not Paid In Full 96 §163 Payment for Stock Not Paid In Full 97 §164 Failure to Pay for Stock; Remedies 98 §165 Revocability of Preincorporation Subscriptions 99 §166 Formalities Required of Stock Subscriptions 99 §167 Lost, Stolen or Destroyed Stock Certificates;
Issuance of New Certificate or Uncertificated Shares 100
§168 Judicial Proceedings to Compel Issuance of New Certificate or Uncertificated Shares 100
§169 Situs of Ownership of Stock 102 §170 Dividends; Payment; Wasting Asset Corporations 103 §171 Special Purpose Reserves 105 §172 Liability of Directors and Committee Members
as to Dividends or Stock Redemption 106 §173 Declaration and Payment of Dividends 106
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§174 Liability of Directors for Unlawful Payment of Dividend or Unlawful Stock Purchase or Redemption; Exoneration from Liability; Contribution Among Directors; Subrogation 107
Subchapter VI. Stock Transfers 108 §201 Transfer of Stock, Stock Certificates and
Uncertificated Stock 108 §202 Restriction on Transfer and Ownership of Securities 109 §203 Business Combinations with Interested Stockholders 111 §204 Ratification of Defective Corporate Acts and Stock 119 §205 Proceedings Regarding Validity of Defective
Corporate Acts and Stock 127 Subchapter VII. Meetings, Elections, Voting and Notice 130 §211 Meetings of Stockholders 130 §212 Voting Rights of Stockholders; Proxies; Limitations 134 §213 Fixing Date for Determination of Stockholders
of Record 139 §214 Cumulative Voting 142 §215 Voting Rights of Members of Nonstock Corporations;
Quorum; Proxies 143 §216 Quorum and Required Vote for Stock Corporations 144 §217 Voting Rights of Fiduciaries, Pledgors and Joint
Owners of Stock 146 §218 Voting Trusts and Other Voting Agreements 147 §219 List of Stockholders Entitled to Vote; Penalty for
Refusal to Produce; Stock Ledger 150 §220 Inspection of Books and Records 152 §221 Voting, Inspection and Other Rights of Bondholders
and Debenture Holders 157 §222 Notice of Meetings and Adjourned Meetings 158 §223 Vacancies and Newly Created Directorships 160 §224 Form of Records 162 §225 Contested Election of Directors; Proceedings to
Determine Validity 162 §226 Appointment of Custodian or Receiver of Corporation
on Deadlock or for Other Cause 164
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§227 Powers of Court in Elections of Directors 165 §228 Consent of Stockholders or Members in Lieu of Meeting 166 §229 Waiver of Notice 170 §230 Exception to Requirements of Notice 171 §231 Voting Procedures and Inspectors of Elections 172 §232 Notice By Electronic Transmission 174 §233 Notice to Stockholders Sharing An Address 175 Subchapter VIII. Amendment of Certificate of
Incorporation; Changes in Capital and Capital Stock 175
§241 Amendment of Certificate of Incorporation Before Receipt of Payment for Stock 175
§242 Amendment of Certificate of Incorporation After Receipt of Payment for Stock; Nonstock Corporations 176
§243 Retirement of Stock 181 §244 Reduction of Capital 181 §245 Restated Certificate of Incorporation 182 Subchapter IX. Merger, Consolidation or Conversion 184 §251 Merger or Consolidation of Domestic Corporations 184 §252 Merger or Consolidation of Domestic and Foreign
Corporations; Service of Process Upon Surviving or Resulting Corporation 197
§253 Merger of Parent Corporation and Subsidiary or Subsidiaries 201
§254 Merger or Consolidation of Domestic Corporation and Joint-Stock or Other Association 206
§255 Merger or Consolidation of Domestic Nonstock Corporations 209
§256 Merger or Consolidation of Domestic and Foreign Nonstock Corporations; Service of Process Upon Surviving or Resulting Corporation 212
§257 Merger or Consolidation of Domestic Stock and Nonstock Corporations 214
§258 Merger or Consolidation of Domestic and Foreign Stock and Nonstock Corporations 217
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§259 Status, Rights, Liabilities, etc., of Constituent and Surviving or Resulting Corporations Following Merger or Consolidation 218
§260 Powers of Corporation Surviving or Resulting From Merger or Consolidation; Issuance of Stock, Bonds or Other Indebtedness 221
§261 Effect of Merger Upon Pending Actions 221 §262 Appraisal Rights 222 §263 Merger or Consolidation of Domestic Corporation and
Partnership 234 §264 Merger or Consolidation of Domestic Corporation
and Limited Liability Company 238 §265 Conversion of Other Entities to a Domestic Corporation 241 §266 Conversion of a Domestic Corporation to Other Entities 244 §267 Merger of Parent Entity and Subsidiary Corporation or
Corporations 247 Subchapter X. Sale of Assets, Dissolution and Winding Up 249 §271 Sale, Lease or Exchange of Assets; Consideration;
Procedure 249 §272 Mortgage or Pledge of Assets 252 §273 Dissolution of Joint Venture Corporation Having
2 Stockholders 253 §274 Dissolution Before Issuance of Shares or Beginning
of Business; Procedure 254 §275 Dissolution Generally; Procedure 255 §276 Dissolution of Nonstock Corporation; Procedure 256 §277 Payment of Franchise Taxes Before Dissolution, Merger,
Transfer or Conversion 257 §278 Continuation of Corporation After Dissolution for
Purposes of Suit and Winding Up Affairs 258 §279 Trustees or Receivers for Dissolved Corporations;
Appointment; Powers; Duties 259 §280 Notice to Claimants; Filing of Claims 260 §281 Payment and Distribution to Claimants and
Stockholders 264 §282 Liability of Stockholders of Dissolved Corporations 266 §283 Jurisdiction 267 §284 Revocation or Forfeiture of Charter; Proceedings 267
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§285 Dissolution or Forfeiture of Charter By Decree of Court; Filing 268
Subchapter XI. Insolvency; Receivers and Trustees 268 §291 Receivers for Insolvent Corporations; Appointment
and Powers 268 §292 Title to Property; Filing Order of Appointment;
Exception 271 §293 Notices to Stockholders and Creditors 271 §294 Receivers or Trustees; Inventory; List of Debts and
Report 271 §295 Creditors’ Proofs of Claims; When Barred; Notice 272 §296 Adjudication of Claims; Appeal 272 §297 Sale of Perishable or Deteriorating Property 273 §298 Compensation, Costs and Expenses of Receiver or
Trustee 273 §299 Substitution of Trustee or Receiver as Party;
Abatement of Actions 273 §300 Employee’s Lien for Wages When Corporation Insolvent 274 §301 Discontinuance of Liquidation 274 §302 Compromise or Arrangement Between Corporation and
Creditors or Stockholders 275 §303 Proceeding under the Federal Bankruptcy Code of
the United States; Effectuation 275 Subchapter XII. Renewal, Revival, Extension and
Restoration of Certificate of Incorporation or Charter 277 §311 Revocation of Voluntary Dissolution; Restoration of
Expired Certificate of Incorporation 277 §312 Revival of Certificate of Incorporation 280 §313 Revival of Certificate of Incorporation or Charter
of Exempt Corporations 284 §314 Status of Corporation 285 Subchapter XIII. Suits Against Corporations, Directors,
Officers or Stockholders 285 §321 Service of Process on Corporations 285
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§322 Failure of Corporation to Obey Order of Court; Appointment of Receiver 287
§323 Failure of Corporation to Obey Writ of Mandamus; Quo Warranto Proceedings for Forfeiture of Charter 288
§324 Attachment of Shares of Stock or Any Option, Right or Interest therein; Procedure; Sale; Title Upon Sale; Proceeds 288
§325 Actions Against Officers, Directors or Stockholders to Enforce Liability of Corporation; Unsatisfied Judgment Against Corporation 291
§326 Action by Officer, Director or Stockholder Against Corporation for Corporate Debt Paid 292
§327 Stockholder’s Derivative Action; Allegation of Stock Ownership 293
§328 Effect of Liability of Corporation on Impairment of Certain Transactions 300
§329 Defective Organization of Corporation as Defense 301 §330 Usury; Pleading by Corporation 301 Subchapter XIV. Close Corporations; Special Provisions 301 §341 Law Applicable to Close Corporation 301 §342 Close Corporation Defined; Contents of Certificate of
Incorporation 302 §343 Formation of a Close Corporation 303 §344 Election of Existing Corporation to Become a Close
Corporation 303 §345 Limitations on Continuation of Close Corporation Status 303 §346 Voluntary Termination of Close Corporation Status
by Amendment of Certificate of Incorporation; Vote Required 304
§347 Issuance or Transfer of Stock of a Close Corporation in Breach of Qualifying Conditions 304
§348 Involuntary Termination of Close Corporation Status; Proceeding to Prevent Loss of Status 306
§349 Corporate Option Where a Restriction on Transfer of a Security is Held Invalid 307
§350 Agreements Restricting Discretion of Directors 307 §351 Management by Stockholders 307 §352 Appointment of Custodian for Close Corporation 308
Table of Contents ix
§353 Appointment of a Provisional Director in Certain Cases 309 §354 Operating Corporation as Partnership 310 §355 Stockholders’ Option to Dissolve Corporation 311 §356 Effect of This Subchapter on Other Laws 312 Subchapter XV. Public Benefit Corporations 312 §361 Law Applicable To Public Benefit Corporations;
How Formed 312 §362 Public Benefit Corporation Defined; Contents of
Certificate of Incorporation 313 §363 Certain Amendments And Mergers; Votes Required;
Appraisal Rights 314 §364 Stock Certificates; Notices Regarding Uncertificated
Stock 315 §365 Duties of Directors 316 §366 Periodic Statements and Third-Party Certification 316 §367 Derivative Suits 317 §368 No Effect on Other Corporations 317 Subchapter XVI. Foreign Corporations 318 §371 Definition; Qualification to Do Business In State;
Procedure 318 §372 Additional Requirements in Case of Change of Name,
Change of Business Purpose or Merger or Consolidation 320 §373 Exceptions to Requirements 321 §374 Annual Report 322 §375 Failure to File Report 323 §376 Service of Process Upon Qualified Foreign Corporations 323 §377 Change of Registered Agent 325 §378 Penalties for Noncompliance 326 §379 Banking Powers Denied 326 §380 Foreign Corporation as Fiduciary in This State 326 §381 Withdrawal of Foreign Corporation From State;
Procedure; Service of Process on Secretary of State 327 §382 Service of Process on Nonqualifying Foreign
Corporations 328 §383 Actions By and Against Unqualified Foreign
Corporations 330
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§384 Foreign Corporations Doing Business Without Having Qualified; Injunctions 331
§385 Filing of Certain Instruments With Recorder of Deeds Not Required 332
Subchapter XVII. Domestication and Transfer 332 §388 Domestication of Non-United States Entities 332 §389 Temporary Transfer of Domicile into This State 335 §390 Transfer or Continuance of Domestic Corporations 340 Subchapter XVIII. Miscellaneous Provisions 345 §391 Amounts Payable to Secretary of State Upon
Filing Certificate or Other Paper 345 §393 Rights, Liabilities and Duties Under Prior Statutes 352 §394 Reserved Power of State to Amend or Repeal Chapter;
Chapter Part of Corporation’s Charter or Certificate of Incorporation 352
§395 Corporations Using “Trust” in Name, Advertisements and Otherwise; Restrictions; Violations and Penalties; Exceptions 353
§396 Publication of Chapter by Secretary of State; Distribution 354
§397 Penalty for Unauthorized Publication of Chapter 355 §398 Short Title 355 Title 8. Corporations Chapter 5. Corporation Franchise Tax 357 §501 Corporations Subject to and Exempt from Franchise Tax 357 §502 Annual Franchise Tax Report; Contents; Failure to
File and Pay Tax; Duties of Secretary of State 358 §503 Rates and Computation of Franchise Tax 360 §504 Collection and Disposition of Tax; Tentative Return and
Tax; Penalty Interest; Investigation of Annual Franchise Tax Report; Notice of Additional Tax Due 363
§505 Review and Refund; Jurisdiction and Power of the Secretary of State; Appeal 364
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§506 Fund for Payment of Refunds 366 §507 Collection of Tax; Preferred Debt 366 §508 Injunction Against Exercise of Franchise or
Transacting Business 366 §509 Further Remedy in Court of Chancery; Appointment
of Receiver or Trustee; Sale of Property 367 §510 Failure to Pay Tax or File A Complete Annual
Report for 1 Year; Charter Void; Extension of Time 368 §511 Repeal of Charters of Delinquent Corporations;
Report to Governor and Proclamation 368 §512 Filing and Publication of Proclamation; Noting
Repeal in Recorder’s Office 369 §513 Acting Under Proclaimed Charter; Penalty 369 §514 Mistakes in Proclamation; Correction 369 §515 Annual Report of Secretary of State 369 §516 Retaliatory Taxation and Regulation; Imposition 370 §517 Duties of Attorney General 370 §518 Relief for Corporations With Assets in Certain
Unfriendly Nations 370 Title 6. Commerce and Trade Chapter 18. Limited Liability Company Act 373 Subchapter I. General Provisions 373 §18-101 Definitions 373 §18-102 Name Set Forth in Certificate 375 §18-103 Reservation of Name 377 §18-104 Registered office; Registered Agent 378 §18-105 Service of Process on Domestic Limited Liability
Companies and Series Thereof 384 §18-106 Nature of Business Permitted; Powers 386 §18-107 Business Transactions of Member or Manager
with the Limited Liability Company 387 §18-108 Indemnification 387 §18-109 Service of Process on Managers and Liquidating
Trustees 388 §18-110 Contested Matters Relating to Managers;
Contested Votes 390
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§18-111 Interpretation and Enforcement of Limited Liability Company Agreement 392
Subchapter II. Formation; Certificate of Formation 393 §18-201 Certificate of Formation 393 §18-202 Amendment to Certificate of Formation 394 §18-203 Cancellation of Certificate 394 §18-204 Execution 395 §18-205 Execution, Amendment or Cancellation by
Judicial Order 396 §18-206 Filing 397 §18-207 Notice 402 §18-208 Restated Certificate 403 §18-209 Merger and Consolidation 404 §18-210 Contractual Appraisal Rights 411 §18-211 Certificate of Correction 411 §18-212 Domestication of Non-United States Entities 412 §18-213 Transfer or Continuance of Domestic Limited
Liability Companies 416 §18-214 Conversion of Certain Entities to a Limited
Liability Company 420 §18-215 Series of Members, Managers, Limited Liability
Company Interests 423 §18-216 Approval of Conversion of a Limited Liability
Company 429
Subchapter III. Members 433 §18-301 Admission of Members 433 §18-302 Classes and Voting 435 §18-303 Liability to Third Parties 437 §18-304 Events of Bankruptcy 438 §18-305 Access to and Confidentiality of Information;
Records 438 §18-306 Remedies for Breach of Limited Liability
Company Agreement by Member 442
Subchapter IV. Managers 442 §18-401 Admission of Managers 442 §18-402 Management of Limited Liability Company 443
Table of Contents xiii
§18-403 Contributions by a Manager 444 §18-404 Classes and Voting 444 §18-405 Remedies for Breach of Limited Liability
Company Agreement by Manager 446 §18-406 Reliance on Reports and Information by
Member or Manager 446 §18-407 Delegation of Rights and Powers to Manage 447 Subchapter V. Finance 447 §18-501 Form of Contribution 447 §18-502 Liability for Contribution 447 §18-503 Allocation of Profits and Losses 449 §18-504 Allocation of Distributions 449 §18-505 Defense of Usury Not Available 449 Subchapter VI. Distributions and Resignation 450 §18-601 Interim Distribution 450 §18-602 Resignation of Manager 450 §18-603 Resignation of Member 450 §18-604 Distribution upon Resignation 451 §18-605 Distribution in Kind 451 §18-606 Right to Distribution 452 §18-607 Limitations on Distribution 452 Subchapter VII. Assignment of Limited Liability
Company Interests 453 §18-701 Nature of Limited Liability Company Interest 453 §18-702 Assignment of Limited Liability Company Interest 453 §18-703 Member’s Limited Liability Company Interest
Subject to Charging Order 454 §18-704 Right of Assignee to Become Member 455 §18-705 Powers of Estate of Deceased or Incompetent
Member 456 Subchapter VIII. Dissolution 456 §18-801 Dissolution 456 §18-802 Judicial Dissolution 458
xiv Table of Contents
§18-803 Winding Up 459 §18-804 Distribution of Assets 459 §18-805 Trustees or Receivers for Limited Liability
Companies; Appointment; Powers; Duties 461 §18-806 Revocation of Dissolution 462 Subchapter IX. Foreign Limited Liability Companies 463 §18-901 Law Governing 463 §18-902 Registration Required; Application 463 §18-903 Issuance of Registration 464 §18-904 Name; Registered Office; Registered Agent 465 §18-905 Amendments to Application 468 §18-906 Cancellation of Registration 468 §18-907 Doing Business Without Registration 468 §18-908 Foreign Limited Liability Companies Doing
Business Without Having Qualified; Injunctions 469 §18-909 Execution; Liability 469 §18-910 Service of Process on Registered Foreign
Limited Liability Companies 469 §18-911 Service of Process on Unregistered Foreign
Limited Liability Companies 471 §18-912 Activities Not Constituting Doing Business 472 Subchapter X. Derivative Actions 473 §18-1001 Right to Bring Action 473 §18-1002 Proper Plaintiff 474 §18-1003 Complaint 474 §18-1004 Expenses 474 Subchapter XI. Miscellaneous 475 §18-1101 Construction and Application of Chapter
and Limited Liability Company Agreement 475 §18-1102 Short Title 477 §18-1103 Severability 477 §18-1104 Cases Not Provided for In This Chapter 477 §18-1105 Fees 478
Table of Contents xv
§18-1106 Reserved Power of State of Delaware to Alter or Repeal Chapter 481
§18-1107 Taxation of Limited Liability Companies 481 §18-1108 Cancellation of Certificate of Formation for
Failure to Pay Taxes 485 §18-1109 Revival of Domestic Limited Liability Company 485
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NOTES
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