An Act To Amend Title 12 Of The Delaware Code Relating To Statutory Trusts.

HB 115 An Act To Amend Title 12 Of The Delaware Code Relating To Statutory Trusts

Delaware 146th General Assembly

An Act To Amend Title 12 Of The Delaware Code Relating To Statutory Trusts.
HB-115


About HB-115

This Bill makes the following changes to Delaware statutory trust law [Chapter 38, Title 12 of the Delaware Code]: Section 1 of the Bill amends 3807 by adding three new subsections to provide that (i) the registered agent of one or more statutory trusts may resign as registered agent and appoint a successor [3807(f)], (ii) the registered agent of one or more statutory trusts may resign as registered agent without appointing a successor [3807(g)], and (iii) in any certificate or other document filed with the Secretary of State pursuant to Chapter 38, the address of the trustee and the registered agent or registered office of the statutory trust must include the street, number, city and postal code [3807(h)]. Section 2 of the Bill confirms that a certificate filed under Chapter 38 may be made effective at a date or time later than its filing as specified in the certificate; however, for filings made on or after January 1, 2012, the effective date or time cannot be later than the 180th day after the filing date of the certificate. Section 3 of the Bill amends 3812 by adding a new subsection (g) to provide that there is no need to amend a certificate of trust or other document on file before August 1, 2011 in order to comply with new 3807(h), but that any certificate or other document filed on or after August 1, 2011 and changing the address of a trustee or registered agent or office must comply with new 3807(h). Section 4 of the Bill provides that a registered agent filing a certificate under new 3807(f) shall pay a fee in the amount of $200, and a registered agent filing a certificate under new 3807(g) shall pay a fee in the amount of $2.00 for each statutory trust whose registered agent has resigned by such certificate. Section 5 of the Bill amends 3814(a) to provide that a domestic statutory trust may not register under a name that is not such as to distinguish it upon the records of the Secretary of State from the name of another domestic statutory trust unless the domestic statutory trust is registered as of July 31, 2011 and has obtained the consent of the other domestic statutory trust. Section 5 of the Bill further amends 3814(a) to clarify that a domestic statutory trust may register under the same name as a foreign statutory trust registered under the laws of this State, regardless of when the domestic statutory trust is registered, as long as the foreign statutory trust consents in writing to the use of its name and the consent is filed with the Secretary of State. Section 6 of the Bill provides that notwithstanding anything to the contrary contained in the governing instrument of the statutory trust, an agreement of merger or consolidation approved in accordance with 3815(a) may (i) effect an amendment to the governing instrument of the statutory trust, or (ii) effect the adoption of a new governing instrument to the statutory trust if the statutory trust is the surviving or resulting statutory trust in the merger or consolidation. Section 7 of the Bill clarifies that the filing of a certificate of conversion to statutory trust and the filing of a certificate of trust--both of which are required to be filed with the Secretary of State in order to convert another entity to a statutory trust--must be filed simultaneously with the Secretary of State. Likewise, to the extent such certificates are to have post-filing dates or times, the certificates must provide for the same effective date or time. Section 8 of the Bill clarifies that the filing of a certificate of statutory trust domestication and the filing of a certificate of trust--both of which are required to be filed with the Secretary of State in order to domesticate a non-United States entity as a Delaware statutory trust--must be filed simultaneously with the Secretary of State. Likewise, to the extent such certificates are to have post-filing dates or times, the certificates must provide for the same effective date or time. Section 9 of the Bill amends 3862 to provide that (i) a registered agent filing a certificate under 3854(c) shall pay a fee in the amount of $200, (ii) a registered agent filing a certificate under 3854(d) shall pay a fee in the amount of $200, and (iii) a registered agent filing a certificate under 3854(e) shall pay a fee in the amount of $2.00 for each statutory trust whose registered agent has resigned by such certificate.

  

Bill Texts

Draft 05/11/2011

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History

Signed By Governor

07/13/2011

Necessary Rules Are Suspended In Senate

06/30/2011

Passed By Senate. Votes: Passed 21 Yes 0 No 0 Not Voting 0 Absent 0 Vacant

06/30/2011

Passed By House Of Representatives. Votes: Passed 40 Yes 0 No 0 Not Voting 1 Absent 0 Vacant

06/09/2011

Assigned To Banking Committee In Senate

06/09/2011

Reported Out Of Committee (economic Development/banking/insurance/commerce) In House With 10 On Its Merits

06/08/2011

Introduced And Assigned To Economic Development/banking/insurance/commerce Committee In House

05/11/2011