CHAPTER 712

AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO CORPORATIONS BY MAKING CERTAIN CHANGES IN SECTIONS 505, 509, 510, 511 AND 514.

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

Section 1. Section 505, Title 8, Delaware Code, is amended by deleting the last sentence of subsection (b) and by substituting in lieu thereof the following:

In the case of any corporation which is not required to pay an annual tax under Section 501 of this title, the Secretary of State may remit all or part of the penalties and interest provided in this chapter.

Section 2. Section 509, Title 8, Delaware Code, is amended by deleting the words "of 2 consecutive years" in subsection (a) and by substituting in lieu thereof the words "of one year".

Section 3. Section 510, Title 8, Delaware Code, is amended by deleting the words "for two years" in the title and by substituting in lieu thereof the words "for one year".

Section 4. Section 510, Title 8, Delaware Code, is amended by deleting the words "for 2 consecutive years" and by substituting in lieu thereof the words "for one year".

Section 5. Section 510, Title 8, Delaware Code, is amended by adding the following sentence:

On or before the last day of February in each year, the Secretary of State shall notify each corporation which has neglected or refused to pay the franchise tax or taxes assessed against it or becoming due during the preceding year that the charter of the corporation shall become void unless such taxes are paid on or before the fifteenth day of April of the current year.

Section 6. Section 511, Title 8, Delaware Code, is amended by deleting the words "for 2 years" and by substituting in lieu thereof the words "for one year".

Section 7. Section 514, Title 8, Delaware Code, is amended by deleting the words "within 2 consecutive years" and by substituting in lieu thereof the words "within one year".

Section 8. The provisions of this Act with respect to franchise taxes shall apply to all such taxes which become due and payable on and after April 15, 1971 but shall not apply to franchise taxes due and payable on or before April 15, 1970. Sections 509, 510, 511 and 514 of Title 8, Delaware Code, as said sections shall exist immediately prior to the effective date of this Act shall continue in effect after such date with respect to, but only with respect to, franchise taxes due and payable on or before April 15, 1970.

Approved July 15, 1970.