Delaware Senate Bill 313

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 12-5)
Status: Passed on July 17 2024 - 100% progression
Action: 2024-07-17 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]

Section 1. Section 1 of this Act amends § 122. New § 122(18) sets forth certain types of provisions that may be included in contracts between a corporation and its current or prospective stockholders or beneficial owners of its stock, even if those provisions are not set forth in, or referenced as a fact ascertainable in, the certificate of incorporation pursuant to § 141(a). The Court of Chancery recently observed that [t]he expansive use of stockholder agreements suggests that greater statutory guidance may be beneficial[.] West Palm Beach Firefighters Pension Fund v. Moelis & Company, 2024 WL 747180 (Del. Ch. Feb. 23, 2024) at n.272. Accordingly, new § 122(18) specifically authorizes a corporation to enter into contracts with one or more of its stockholders or beneficial owners of its stock, for such minimum consideration as approved by its board of directors, and provides a non-exclusive list of contract provisions by which a corporation may agree to:

An Act To Amend Title 8 Of The Delaware Code Relating To The General Corporation Law.

Sen. Bryan Townsend [D]	Sen. David Sokola [D]	Sen. Elizabeth Lockman [D]	Sen. Gerald Hocker [R]
Sen. Brian Pettyjohn [R]	Rep. Krista Griffith [D]	Rep. Melissa Minor-Brown [D]	Rep. Valerie Longhurst [D]
Rep. Kerri Harris [D]	Rep. Michael Ramone [R]	Rep. Lyndon Yearick [R]	Sen. Kyle Gay [D]
Sen. Charles Paradee [D]	Sen. Jack Walsh [D]	Sen. David Wilson [R]	Rep. William Bush [D]
Rep. Peter Schwartzkopf [D]

2024-06-20 - House - House Third Reading (Y: 34 N: 7 NV: 0 Abs: 0) [PASS]
2024-06-13 - Senate - Senate Third Reading (Y: 20 N: 0 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2024-07-17		Signed by Governor
2024-06-20		Passed By House. Votes: 34 YES 7 NO
2024-06-18		Reported Out of Committee (Judiciary) in House with 5 On Its Merits, 1 Unfavorable
2024-06-13		Assigned to Judiciary Committee in House
2024-06-13		Passed By Senate. Votes: 20 YES 1 ABSENT
2024-06-11		Reported Out of Committee (Judiciary) in Senate with 4 On Its Merits
2024-05-23		Introduced and Assigned to Judiciary Committee in Senate

Type	Source
Summary	https://legis.delaware.gov/BillDetail?LegislationId=141480
Text	https://legis.delaware.gov/json/BillDetail/GenerateHtmlDocument?legislationId=141480&legislationTypeId=1&docTypeId=2&legislationName=SB313
Roll Call	https://legis.delaware.gov/json/RollCall/GetRollCallVoteByRollCallId#55877
Roll Call	https://legis.delaware.gov/json/RollCall/GetRollCallVoteByRollCallId#56060