LAWS OF DELAWARE

VOLUME 83

CHAPTER 60

151st GENERAL ASSEMBLY

FORMERLY

SENATE BILL NO. 113

 

AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE GENERAL CORPORATION LAW.

 

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein):

Section 1. Amend § 160, Chapter 1, Title 8 of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:

§ 160. Corporation’s powers respecting ownership, voting, etc., of its own stock; rights of stock called for redemption.

(c) Shares of its own a corporation’s capital stock belonging to shall neither be entitled to vote nor be counted for quorum purposes if such shares belong to (i) the corporation or to, (ii) another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes. or (iii) any other entity, if a majority of the voting power of such other entity is held, directly or indirectly, by the corporation or if such other entity is otherwise controlled, directly or indirectly, by the corporation. Nothing in this section shall be construed as limiting the right of any corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.

Section 2. Section 1 of this Act shall be effective on August 1, 2021. 

 

Approved June 30, 2021