Bill Sponsor
Delaware House Bill 337
Session 152
An Act To Amend Title 6 Of The Delaware Code Relating To The Delaware Revised Uniform Limited Partnership Act.
Introduced
Introduced
Introduced in Senate on Apr 23, 2024
Sponsors
Democrat
Krista Griffith
Democrat
Kendra Johnson
Democrat
Bryan Townsend
Democrat
Darius J. Brown
Democrat
S. Elizabeth Lockman
Democrat
Sean Matthews
Democrat
Peter C. Schwartzkopf
Democrat
Sarah McBride
Republican
Brian Pettyjohn
Democrat
David P. Sokola
Democrat
John "Jack" Walsh
Democrat
William Bush
Democrat
Franklin D. Cooke
First Action
Mar 7, 2024
Latest Action
Apr 23, 2024
Origin Chamber
House
Type
Bill
Bill Number
337
State
Delaware
Session
152
Sponsorship by Party
Republican
Primary
Democrat
Primary
Democrat
Primary
Democrat
Primary
Democrat
Primary
Democrat
Primary
Democrat
Primary
Democrat
Primary
Democrat
Primary
Democrat
Primary
Democrat
Primary
House Votes (1)
checkPassed on April 23, 2024
Motion Text
SM
Summary
This Act continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the “LP Act”) to keep it current and to maintain its national preeminence. The following is a section-by-section review of the proposed amendments to the LP Act: Section 1 amends § 17-204 of the LP Act. Because Section 2 contains amendments that permit a certificate of merger or a certificate of ownership and merger to amend the certificate of limited partnership of a surviving domestic limited partnership in a merger to reflect the admission of one or more new general partners of the surviving domestic limited partnership in connection with the merger, Section 1 amends § 17-204 of the LP Act to require each new general partner to sign the certificate of merger or certificate of ownership and merger. Further, because Section 5 contains amendments that permit a certificate of merger of registered series to amend the certificate of registered series of a surviving registered series in a merger to reflect the association of one or more new general partners with the surviving registered series in connection with the merger, Section 1 amends § 17-204 of the LP Act to require each new general partner to sign the certificate of merger of registered series. Section 2 amends § 17-211 of the LP Act to permit a certificate of merger or a certificate of ownership and merger to state any amendments to the certificate of limited partnership of a surviving domestic limited partnership in a merger (and in the case of a surviving domestic limited partnership that is a limited liability limited partnership, to the statement of qualification of such surviving domestic limited partnership filed under § 15-1001 of the Delaware Revised Uniform Partnership Act) as are desired to be effected by the merger. Section 3 amends § 17-218(d) of the LP Act to confirm and clarify certain of the mechanisms for revoking termination of a protected series. Specifically, Section 3 amends § 17-218(d) to confirm and clarify that the references to “other persons” in § 17-218(d)(1) and (2) are references to other persons whose approval is required for such termination of the protected series pursuant to the partnership agreement. Section 4 amends § 17-221(f) of the LP Act to confirm and clarify certain of the mechanisms for revoking dissolution of a registered series. Specifically, Section 4 amends § 17-221(f) to confirm and clarify that the references to “other persons” in § 17-221(f)(1) and (2) are references to other persons whose approval is required for such dissolution of the registered series pursuant to the partnership agreement. Section 5 amends § 17-224 of the LP Act to permit a certificate of merger of registered series to state any amendments to the certificate of registered series of a surviving registered series in a merger as are desired to be effected by the merger. Section 6 amends § 17-806 of the LP Act to confirm and clarify certain of the mechanisms for revoking dissolution of a limited partnership. Specifically, Section 6 amends § 17-806 to confirm and clarify that the references to “other persons” in § 17-806(1) and (2) are references to other persons whose approval is required for such dissolution of the limited partnership pursuant to the partnership agreement. Section 7 provides that the amendments to the LP Act take effect on August 1, 2024.
Actions (4)
04/23/2024
Senate
Assigned to Judiciary Committee in Senate
04/23/2024
House
Passed By House. Votes: 38 YES 3 ABSENT
03/27/2024
House
Reported Out of Committee (Judiciary) in House with 8 On Its Merits
03/07/2024
House
Introduced and Assigned to Judiciary Committee in House
Sources
Record Created
Mar 8, 2024 12:13:54 AM
Record Updated
Apr 24, 2024 12:59:48 AM