Source: http://delcode.delaware.gov/sessionlaws/ga140/chp389.shtml
Timestamp: 2019-04-21 17:16:51+00:00

Document:
Section 1. Amend § 18-102(3), Chapter 18, Title 6 of the Delaware Code by deleting the word "registered" in all three places where it appears before the words "limited liability partnership".
Section 2. Amend § 18-109(a), Chapter 18, Title 6 of the Delaware Code by deleting from the last sentence thereof the words "subsections (b) and (c)" and by substituting in lieu thereof the words "subsections (b), (c) and (d)" and by deleting from the last sentence thereof the words "to a person who is a member of a limited liability company and who" and by substituting in lieu thereof "to a person, whether or not a member of a limited liability company, who".
Section 3. Amend § 18-109(d), Chapter 18, Title 6 of the Delaware Code by adding the following sentence to the end of subsection (d) thereof: "Except by agreeing to arbitrate any arbitrable matter in a specified jurisdiction or in the State of Delaware, a member who is not a manager may not waive its right to maintain a legal action or proceeding in the courts of the State of Delaware with respect to matters relating to the organization or internal affairs of a limited liability company."
Section 4. Amend § 18-203, Chapter 18, Title 6 of the Delaware Code by deleting the words ", or upon the conversion of a domestic limited liability company approved in accordance with § 18-216 of this title" from the first sentence thereof.
Section 5. Amend § 18-203, Chapter 18, Title 6 of the Delaware Code by deleting the words "or upon the conversion of a domestic limited liability company approved in accordance with § 18-216 of this title" from the second sentence thereof.
Section 6. Amend § 18-203, Chapter 18, Title 6 of the Delaware Code by deleting subsection (5) of the second sentence thereof, by adding the word "and" after the ";" at the end of subsection (4) of the second sentence thereof and by renumbering existing subsection (6) as subsection (5) of the second sentence thereof.
Section 7. Amend § 18-209(a), Chapter 18, Title 6 of the Delaware Code by deleting the word "registered" in both places where it appears before the words "limited liability".
Section 8. Amend § 18-212(a), Chapter 18, Title 6 of the Delaware Code by deleting the word "registered" in both places where it appears before the words "limited liability".
Section 11. Amend § 18-214(a), Chapter 18, Title 6 of the Delaware Code by deleting the word "registered" in both places where it appears before the words "limited liability".
"(i) In connection with a conversion hereunder, rights or securities of, or interests in, the other entity which is to be converted to a domestic limited liability company may be exchanged for or converted into cash, property, rights or securities of, or interests in, such domestic limited liability company or, in addition to or in lieu thereof, may be exchanged for or converted into cash, property, rights or securities of, or interests in, another domestic limited liability company or other entity."
Section 14. Amend §18-215(b), Chapter 18, Title 6 of the Delaware Code by inserting the words "(directly or indirectly, including through a nominee or otherwise)" immediately after the word "held".
Section 15. Amend § 18-215(h), Chapter 18, Title 6 of the Delaware Code by deleting the words "; provided that a" immediately after the words "subsection (b) of this section" and by inserting in lieu thereof the words ". A", and by inserting immediately prior to the third to last sentence thereof the following new sentence: "For purposes of the immediately preceding sentence, the term "distribution" shall not include amounts constituting reasonable compensation for present or past services or reasonable payments made in the ordinary course of business pursuant to a bona fide retirement plan or other benefits program."
Section 16. Amend §18-215(j), Chapter 18, Title 6 of the Delaware Code by inserting in subsection (3) thereof the words "affirmative vote or" immediately prior to the words "written consent of".
Section 17. Amend §18-215(j), Chapter 18, Title 6 of the Delaware Code by deleting subsection (4) in its entirety, by inserting the word "or" after the ";" at the end of subsection (3), and by renumbering subsection (5) as subsection (4).
Section 18. Amend § 18-215(k), Chapter 18, Title 6 of the Delaware Code by deleting the third sentence thereof in its entirety and by substituting in lieu thereof the following new sentence: "The persons winding up the affairs of a series shall provide for the claims and obligations of the series and distribute the assets of the series as provided in § 18-804 of this title, which section shall apply to the winding up and distribution of assets of a series."
Section 19. Amend § 18-216, Chapter 18, Title 6 of the Delaware Code by deleting the word "registered" in both places where it appears before the words "limited liability" in the first sentence thereof.
Section 21. Amend §18-302(d), Chapter 18, Title 6 of the Delaware Code by deleting the phrase "interests in the liability company" in the first sentence thereof and substituting the word "members" in lieu thereof.
Section 22. Amend §18-404(d), Chapter 18, Title 6 of the Delaware Code by adding the words "at which all managers entitled to vote thereon were present and voted" at the end of the first sentence.
Section 23. Amend § 18-607, Chapter 18, Title 6 of the Delaware Code by adding to the end of subsection (a) thereof a new sentence reading as follows: "For purposes of this subsection (a), the term "distribution" shall not include amounts constituting reasonable compensation for present or past services or reasonable payments made in the ordinary course of business pursuant to a bona fide retirement plan or other benefits program."
"18-703 Member's limited liability company interest subject to charging order.
(a) On application by a judgment creditor of a member or of a member's assignee, a court having jurisdiction may charge the limited liability company interest of the judgment debtor to satisfy the judgment. The court may appoint a receiver of the share of the distributions due or to become due to the judgment debtor in respect of the limited liability company which receiver shall have only the rights of an assignee, and the court may make all other orders, directions, accounts and inquiries the judgment debtor might have made or which the circumstances of the case may require.
(b) A charging order constitutes a lien on the judgment debtor's limited liability company interest. The court may order a foreclosure of the limited liability company interest subject to the charging order at any time. The purchaser at the foreclosure sale has only the rights of an assignee.
(3) by the limited liability company with the consent of all of the members whose interests are not so charged.
(d) This chapter does not deprive a member of a right under exemption laws with respect to the member's limited liability company interest.
(e) This section provides the exclusive remedy by which a judgment creditor of a member or member's assignee may satisfy a judgment out of the judgment debtor's limited liability company interest.
(f) No creditor of a member shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the limited liability company."
Section 25. Amend § 18-804, Chapter 18, Title 6 of the Delaware Code by inserting the following new sentence immediately after the first sentence of subsection (c) thereof: "For purposes of the immediately preceding sentence, the term "distribution" shall not include amounts constituting reasonable compensation for present or past services or reasonable payments made in the ordinary course of business pursuant to a bona fide retirement plan or other benefits program."
Section 26. Amend § 18-1101(c), Chapter 18, Title 6 of the Delaware Code by adding the words "or to an other person that is a party to or is otherwise bound by a limited liability company agreement" after the words "another member or manager", by deleting the word "a" after the word "under" in subsection (1) thereof and by substituting in lieu thereof the word "the", by adding the words "or to any such other person" after the words "other member or manager" in subsection (1) thereof and by deleting the word "a" after the words "by provisions in" in subsection (2) thereof and by substituting in lieu thereof the word "the".
Section 27. This Act shall become effective August 1, 2000.

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