Monday, May 21, 2007

Delaware Stays on the cutting edge of corporate law, with State Constitutional Amendment

In a continuing effort to improve and develop Delaware's corporate governance laws, Delaware has implemented a Constitutional Amendment to speed up SEC inquiries. Delaware Online Reports.

Now, the SEC can certify questions of law directly to the Delaware Supreme Court. Here is some of the amended text (relative to the jurisdiction of the Delaware Supreme Court):

(8) To hear and determine questions of law certified to it by other Delaware courts, the Supreme Court of the United States, a Court of Appeals of the United States, a United States District Court, the United States Securities and Exchange Commission, or the highest appellate court of any other state, where it appears to the Supreme Court that there are important and urgent reasons for an immediate determination of such questions by it. The Supreme Court may, by rules, define generally the conditions under which questions may be certified to it and prescribe methods of certification.

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