Delaware House Bill 340 (Prior Session Legislation)

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Completed Legislative Action
June 25 2012 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]

This bill continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the "Act") to keep it current and to maintain its national preeminence. The following is a section-by-section review of the proposed amendments of the Act. Section 1 amends 17-102 of the Act to confirm the practice of restricting the use of the word “bank” or any variation thereof in the name of a limited partnership. Section 2 amends 17-201(d) of the Act to clarify as of when a partnership agreement may be made effective. Section 3 amends 17-211(c)(1) of the Act by adding a new requirement to provide the type of business entity involved in a merger or consolidation. Section 4 adds a new 17-214(c) clarifying that the designation “Limited Liability Limited Partnership”, “L.L.L.P.” or “LLLP” must be removed from the name of a limited partnership that cancels its statement of qualification and remains a domestic limited partnership in the State of Delaware. Section 5 amends 17-216(b)(7) of the Act to clarify that the address provided for service of process may not be that of the limited partnership’s registered agent without the written consent of such registered agent. Section 6 amends 17-217(c)(2) of the Act by adding a new requirement to provide the type of entity converting to a Delaware limited partnership. Section 7 amends 17-505 of the Act to provide that obligations between or among partners arising under a partnership agreement or other writing are not subject to the defense of usury. Section 8 provides that the proposed amendments of the Act shall become effective August 1, 2012.

An Act To Amend Title 6 Of The Delaware Code Relating To The Creation, Regulation, Operation And Dissolution Of Domestic Limited Partnerships And The Registration And Regulation Of Foreign Limited Partnerships.

Rep Carson	Rep Willis	Rep Walker	Sen Simpson
Rep Lee	Sen Blevins	Sen McDowell	Rep Wilson
Rep D.P. Williams	Sen Henry	Sen Sorenson	Sen DeLuca
Rep Hudson	Rep Mitchell	Rep J. Johnson	Rep M. Smith

2012-06-19 - Senate Third Reading (Y: 18 N: 0 NV: 0 Abs: ) [PASS]
2012-05-17 - House Third Reading (Y: 36 N: 0 NV: 0 Abs: ) [PASS]

Date	Chamber	Action
2012-06-25		Signed by Governor
2012-06-19		Passed by Senate. Votes: Passed 18 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT
2012-06-13		Reported Out of Committee (JUDICIARY) in Senate with 5 On Its Merits
2012-05-23		Assigned to Judiciary Committee in Senate
2012-05-17		Passed by House of Representatives. Votes: Passed 36 YES 0 NO 0 NOT VOTING 5 ABSENT 0 VACANT
2012-05-16		Reported Out of Committee (JUDICIARY) in House with 8 On Its Merits
2012-05-10		Introduced and Assigned to Judiciary Committee in House

Type	Source
Summary	http://legis.delaware.gov/LIS/lis146.nsf/2bede841c6272c888025698400433a04/3c5b754250384bc1852579f900679a3c?OpenDocument
Text	http://legis.delaware.gov/LIS/lis146.nsf/vwLegislation/HB+340/$file/legis.html?open
Roll Call	http://legis.delaware.gov/LIS/lis146.nsf/7712cf7cc0e9227a852568470077336f/da349bc538cd3abb85257a01007679c1?OpenDocument
Roll Call	http://legis.delaware.gov/LIS/lis146.nsf/7712cf7cc0e9227a852568470077336f/ad4a7cf965ef0d3585257a220066a426?OpenDocument