Source: https://corp.delaware.gov/sb127/
Timestamp: 2019-04-23 06:04:32+00:00

Document:
“(a) Any civil action to interpret, apply, enforce, or determine the validity of the provisions of (i) the certificate of incorporation or the bylaws of a corporation, (ii) any instrument, document or agreement by which a corporation creates or sells, or offers to create or sell, any of its stock, or any rights or options respecting its stock, (iii) any written restrictions on the transfer, registration of transfer, or ownership of securities under §202 of this title, (iv) any proxy under §212 or §215 of this title, (v) any voting trust or other voting agreement under §218 of this title, (vi) any agreement or certificate of merger or consolidation governed by §251, §252, §253, §255, §256, §257, §258, §263 or §264 of this title, (vii) any certificate of conversion under §265 or §266 of this title, (viii) any certificate of domestication, transfer or continuance under §388, §389 or §390 of this title, or (ix) any other instrument, document, agreement, or certificate required by any provision of this title, may be brought in the Court of Chancery, except to the extent that a statute confers exclusive jurisdiction on a court, agency, or tribunal other than the Court of Chancery.
(3) Unless otherwise provided in the certificate of incorporation, the bylaws or the resolution of the board of directors designating the committee, a committee may create one or more subcommittees, each subcommittee to consist of one or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee.
(1) ‘Stockholder’ means a holder of record of stock in a stock corporation, or a person who is the beneficial owner of shares of such stock held either in a voting trust or by a nominee on behalf of such person, and also a member of a nonstock corporation as reflected on the records of the nonstock corporation.
(2) ‘List of stockholders’ includes lists of members in a nonstock corporation.
(3) ‘Under oath’ includes statements the declarant affirms to be true under penalty of perjury under the laws of the United States or any State.
Section 9. Amend Section 225(a), Title 8, Delaware Code, by inserting the words “, appointment, removal or resignation” after the words “validity of any election” in the first sentence thereof, and by inserting the words “or continue to hold” after the words “the right of any person to hold” in the first sentence thereof.
Section 11. Amend Section 251(c), Title 8, Delaware Code, by deleting the second sentence thereof.
Section 13. Amend Section 253(a), Title 8, Delaware Code, by adding to the first sentence the words “, or the cancellation of some or all of such shares” after the words “not owned by the parent corporation” and before the period.
“(4) the manner, if any, of converting the shares of stock of a stock corporation and the interests of the members of a nonstock corporation into shares or other securities of a stock corporation or membership interests of a nonstock corporation surviving or resulting from such merger or consolidation, or of cancelling some or all of such shares or interests, and, if any shares of any such stock corporation or membership interests of any such nonstock corporation are not to remain outstanding, to be converted solely into shares or other securities of the stock corporation or membership interests of the nonstock corporation surviving or resulting from such merger or consolidation or to be cancelled, the cash, property, rights or securities of any other corporation or entity which the holders of shares of any such stock corporation or membership interests of any such nonstock corporation are to receive in exchange for, or upon conversion of such shares or membership interests, and the surrender of any certificates evidencing them, which cash, property, rights or securities of any other corporation or entity may be in addition to or in lieu of shares or other securities of any stock corporation or membership interests of any nonstock corporation surviving or resulting from such merger or consolidation; and”.
“(3) the manner, if any, of converting the shares of stock of each such corporation and the limited liability company interests of each such limited liability company into shares, limited liability company interests or other securities of the entity surviving or resulting from such merger or consolidation, or of cancelling some or all of such shares or interests, and if any shares of any such corporation or any limited liability company interests of any such limited liability company are not to remain outstanding, to be converted solely into shares, limited liability company interests or other securities of the entity surviving or resulting from such merger or consolidation or to be cancelled, the cash, property, rights or securities of any other corporation or entity which the holders of such shares or limited liability company interests are to receive in exchange for, or upon conversion of such shares or limited liability company interests and the surrender of any certificates evidencing them, which cash, property, rights or securities of any other corporation or entity may be in addition to or in lieu of shares, limited liability company interests or other securities of the entity surviving or resulting from such merger or consolidation; and”.
Section 20. Amend Section 266(c), Title 8, Delaware Code, by inserting”, the filing of any document required to be filed by the statute governing the formation of the entity into which the corporation is converting” after the words “subsection (b) of this section” and before the words “and payment”.
Section 21. This Act shall become effective August 1, 2003.
Section 1. This amendment expands the jurisdiction of the Court of Chancery with respect to a variety of matters pertaining to Delaware corporations.
Section 2. This section clarifies that a committee of the board of directors may create subcommittees unless the authority to create a subcommittee has been restricted by the certificate of incorporation, the bylaws or the resolution of the board of directors designating the committee.
Sections 3 and 11. The deletion of the language from subsection (c) of Section 251 and the addition of new Section 146 clarify that the rule previously codified at Section 251(c) applies to any matter submitted to stockholders. Under this rule, directors may authorize the corporation to agree with another person to submit a matter to stockholders, but reserve the ability to change their recommendation.
Section 4. This amendment will make Section 219(c) consistent with Section 220 as revised.
Sections 5 – 8. These sections amend Section 220 in four principal respects. First, inspection rights are extended to a person who beneficially owns stock through either a voting trustee or a nominee who holds the stock of record on behalf of such person. Second, the oath requirement is deemed satisfied by a declaration under penalty of perjury under the law of the United States or any state. Third, books and records subject to inspection include those of subsidiaries under certain conditions. Finally, a director’s purpose for inspection is presumed to be proper. The amendment relating to inspection of books and records of subsidiaries is not intended to affect existing legal doctrine that, as a general matter, respects the separate legal existence of subsidiaries in relation to liability of stockholders to third parties, personal jurisdiction over subsidiaries of Delaware corporations, and discovery in litigation other than under Section 220.
Section 9 .This amendment clarifies that the Court of Chancery has jurisdiction to hear and determine controversies regarding the right of any person to hold or continue to hold office as a director, officer or member of the governing body of a Delaware corporation, irrespective of whether the controversy arose from the conduct of an election.
Sections 10, 12-19. The amendments to Sections 251, 252, 253, 254, 255, 256, 257, 263 and 264 clarify that shares or other interests of a constituent corporation or other entity to a merger or consolidation may be converted, cancelled or unaffected by the merger.
Section 20.This amendment to Section 266 confirms that Delaware corporations which desire to convert to Delaware limited liability companies, general partnerships, limited partnerships or statutory trusts must also comply with the applicable requirements of the statutes governing the formation of those entities to complete the conversion.
Section 21. This section provides for an effective date of August 1, 2003.

References: §202
 §212
 §215
 §218
 §251
 §252
 §253
 §255
 §256
 §257
 §258
 §263
 §264
 §265
 §266
 §388
 §389
 §390