AN ACT RELATING TO COLEMAN DUPONT ROAD, INC., THE TRANSFER OF SHARES OF STOCK THEREOF TO THE STATE OF DELAWARE AND THE DISPOSITION THEREOF.
WHEREAS, pursuant to Chapter 273, Volume 21, Laws of Delaware, as amended, there was incorporated on October 16, 1911, the Coleman duPont Road, Inc., and
WHEREAS, the ownership of stock of said corporation invested in Frank V. duPont, individually, and Frank V. duPont, Trustee under Item 2 of the last will and testament of Coleman duPont, and
WHEREAS, Frank V. duPont, individually, and as Trustee, as hereinbefore mentioned pursuant to the authority vested in him, has offered the said shares of stock in the said corporation to the State of Delaware, and
WHEREAS, it is the desire of the Governor and the General Assembly of the State of Delaware to accept said shares of stock and to, in due course, dissolve the said corporation, transferring the net assets thereof to the State of Delaware or its duly constituted agencies, and
WHEREAS, there appears to be no laws authorizing the transfer hereinbefore mentioned, NOW, THEREFORE
Be it enacted by the General Assembly of the State of Delaware:
Section 1. The Governor of the State of Delaware, be and he is hereby authorized to accept on behalf of the State of Delaware from Frank V. duPont, individually, and Frank V. duPont, Trustee under Item 2 of the last will and testament of Coleman duPont all the shares of stock in Coleman duPont Road, Inc.
Section 2. Upon the transfer of the said stock to the State of Delaware, the Governor of the State of Delaware, for and on behalf of the State of Delaware shall organize said corporation and vote the said stock for a dissolution thereof, the net assets to be conveyed, transferred, assigned and set over as follows: Real Property to the State of Delaware for the use of the State Highway Department; monies due or to become due on personal property converted to cash to be paid to the General Fund of the State of Delaware.
Section 3. Upon transfer of the real property to the State of Delaware such property shall be administered in the name of the State of Delaware by the Delaware State Highway Department in such a way as to fulfill all the requirements of the existing and future law. Administration of the real property transferred above shall be such as to place it within the same category and condition as other rights-of-way held in the name of the State of Delaware on or before July 1, 1967. The State Highway Department shall be held directly responsible for administering such real property in the best interests of the State of Delaware.
Approved February 8, 1960.