Delaware Corporate Law Amendments Pass State Senate

Amendments to Delaware corporate law, proposed as part of an effort to overturn a landmark court decision regarding stockholder agreements, sailed through the state Senate on Thursday with no debate.

The Corporation Law Council, which drew up the amendments, had said the legislative changes would restore faith in Delaware’s long-standing reputation for predictability in its balancing the rights of investors with the needs of management. The legislation (S.B. 313) needed a two-thirds majority it needed to pass the Delaware Senate and move to the state House. Twenty senators voted to approve it, with no opposing votes and one ...