Delaware Statute Update

Following please find several changes to Delaware law that became effective August 1, 2014.

Currently Delaware statutes require each entity provide to its registered agent the name, business address and business telephone number of a person designated as the “communications contact” for the entity.  This “person” must be a natural person and may not be another entity.  Two new Acts expand on this designation.

1)      House Bill # 327 – If requested by its communications contact, the limited liability company (LLC) must now be able to provide him/her with the name, business address and business telephone number of a natural person who has access to the name and last known business, residence or mailing address of each member and manager of the LLC.  Click here for additional clarification of this responsibility, as well as other changes included in the Act.

2)      House Bill # 328 – Sets forth similar requirements as HB 327 with regard to the communications contact except it applies to limited partnerships and the provision of information regarding each partner. Click here for additional clarification of this responsibility, as well as other changes included in the Act.

House Bill # 329 – Several changes were made to the General Corporation Law including those pertaining to actions where there may be limitations on an incorporator’s availability to act, and the filing of Certificates of Amendment to delete certain Certificate of Incorporation information, as well as additional provisions. Click here for additional information regarding these, as well as other changes, included in the Act.

House Bill # 364 – This bill provides for restrictions on the use of the word “bank” in the names of statutory trusts. For more information on this and other changed provisions, see here.