SB 182

Abstract

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. This section amends Section 17-102(3) of the Act to provide that the name of a limited partnership must be such as to distinguish it from the name of any registered series of a limited liability company formed under the laws of the State of Delaware. Sections 2 and 4 through 6. These sections amend Sections 17-104(g), 17-302(e), 17-305(c) and 17-405(d) of the Act to provide specific statutory authority for Delaware limited partnerships to use networks of electronic databases (examples of which are described currently as "distributed ledgers" or a "blockchain") for the creation and maintenance of limited partnership records and for certain "electronic transmissions." Section 3. This section amends Section 17-213(b) of the Act relating to a corrected certificate to clarify that the fee payable to the Secretary of State for filing a certificate of correction pursuant to Section 17-1107 shall be paid with the filing of a corrected certificate pursuant to Section 17-213(b) of the Act. Section 7. This section provides that the proposed amendments of Section 1 of the Act shall become effective August 1, 2019, and the proposed amendments of Sections 2 through 6 shall become effective August 1, 2018.