CHAPTER 160

AN ACT TO AMEND CHAPTER 1, TITLE 8, § 274 OF THE DELAWARE CODE RELATING TO SURRENDER OF CORPORATE RIGHTS BEFORE PAYMENT OF CAPITAL AND BEGINNING BUSINESS.

Be it enacted by the General Assembly of the State of Delaware (two-thirds of all Members elected to each House thereof concurring therein):

Section 1. § 274, Chapter 1, Title 8 of the Delaware Code, is hereby amended by striking out and repealing said section § 274 and substituting and enacting in lieu thereof a new section § 274 to read as follows:

§ 274. Before beginning the business or activity for which the corporation was created and, if the corporation is authorized to issue stock, before the payment of any part of the capital, the directors, the board of managers, or other governing body, however named, or a majority of them, or if there be no board of managers, or governing body, then, the incorporators named in the certificate of incorporation, or a majority of them, may surrender all their corporate rights and franchises by filing in the Office of the Secretary of State a certificate, verified by the oath or affirmation of a majority of the directors, managers, governing body or incorporators, that the business or activity for which the corporation was created has not been begun, that (if the corporation is authorized to issue stock) no part of the capital has been paid, and that all rights and franchises of the corporations are surrendered. Upon the filing of such certificate the corporation shall be dissolved. A certified copy of the certificate shall be recorded in the County where the original certificate of incorporation was recorded.

Approved July 9, 1959.