デラウェア州会社法の改正案(2019年)

Richards, Layton & Finger, 2019 Proposed Amendments to the General Corporation Law of the State of Delaware (March 27, 2019)

Appraisal Rights. The 2019 Amendments make several technical changes to Section 262(d), which sets forth the provisions for notices to stockholders in circumstances where they are entitled to appraisal rights, to clarify such notice provisions and conform them to amended Section 232(a). The amendments to Section 262(d) will permit a corporation to deliver a notice of appraisal rights by courier or electronic mail (in addition to by U.S. mail). In addition, Section 262(d) is being amended to permit stockholders to deliver demands for appraisal by electronic transmission. …

via Proposed Amendments

簡易なデラウェア州一般会社法

作成者は、華麗な経歴を持つハーバード・ロー・スクールのHolger Spamann教授です。次のURLからアクセスできます。

 前に、「読めるデラウェア州会社法」を紹介したことがありますが、こちらはそれよりもさらに進んだ試みといえそうです。

 例えば、デラウェア州一般会社法251条(a)項は、次の通り規定しています。

(a) Any 2 or more corporations existing under the laws of this State may merge into a single corporation, which may be any 1 of the constituent corporations or may consolidate into a new corporation formed by the consolidation, pursuant to an agreement of merger or consolidation, as the case may be, complying and approved in accordance with this section.

 これが、次の通り簡略化されています。

a. [principle] Corporations may merge into a single corporation (which may be either of the constituent corporations) or consolidate into a new corporation formed by the consolidation, pursuant to an agreement of merger or consolidation (“the agreement”).

 過度な期待は禁物ですが、面白い試みであるように思います。

2016年のデラウェア州法改正提案

2016年のデラウェア州法の株式買取請求権に関する改正提案です。

[Threshold for Appraisal—] Under the proposed amendments, the Court of Chancery shall dismiss an appraisal proceeding for a public company, unless (1) the total number of shares entitled to appraisal exceeds 1% of the outstanding shares of the class or series eligible for appraisal, (2) the value of the merger consideration for such dissenting shares exceeds $1 million, or (3) the merger was a short-form merger pursuant to § 253 or § 267 of the DGCL.

[Prepayment Option—] The proposed legislation also permits the surviving company to make a cash payment to dissenters in an amount of its choosing, with interest accruing only on the difference between the amount so paid and the fair value of the shares as determined by the Chancery Court (as well as any interest that had previously accrued on the paid amount as of the effective date of the merger).

2016年4月3日追記

それ以外の改正点について,RLFのメモランダム参照。

via Lowenstein Sandler