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. Amend Section 125, Chapter 1, Subchapter II, Title 8 of the Delaware Code, by adding a second paragraph to read as follows:
Notwithstanding the foregoing provisions, any corporation conducting a law school which has its principal place of operation in Delaware and which intends to meet the standards of approval of the American Bar Association may, after it has been in actual operation for not less than one year, file a statement to that effect with the Chief Justice of the Supreme Court, the Chancellor, the Presiding Judge of the Superior Court, the Attorney General, the State Superintendent of Public Instruction, the President of the Delaware State Bar Association, and the Chairman of the Delaware Board of Bar Examiners. Such statement of intent shall be accompanied by a detailed appendix setting forth the progress which said law school has made in the past towards meeting American Bar Association standards for approval, and listing any deficiencies in meeting said standards. If prior to filing said statement, or any subsequent statement, the said law school has been inspected by an American Bar Association examiner, a copy of the report of the examiner shall be annexed to such statement. A law school which seeks the benefit of this section shall thereafter file, once a year, a further statement describing the progress toward meeting standards for approval since the filing of the previous statement. A law school which complies with these provisions by filing the aforesaid statement shall be deemed to have temporary approval from the State of Delaware and shall be entitled to amend its certificate of incorporation to authorize the-granting of law degrees, unless a majority of the individuals or officials enumerated above shall, within 30 days from the filing of any such report, notify the Attorney General of their objections to granting or continuance of temporary approval. Such objections shall state specifically the grounds therefor, and shall also be served upon the corporation. Within 30 days thereafter, the Attorney General shall file a petition in the Court of Chancery to vacate or suspend such temporary approval, which petition shall include the objections and specifications filed with the Attorney General. If the Court finds any material fact in the aforesaid statements is intentionally false, or that the said law school is not attempting, in good faith, to meet the standards of the American Bar Association for approval, or is not making reasonable progress toward meeting the standards, the Court may vacate or suspend such approval until further progress towards meeting the standards is shown, Upon approval of said law school by the American Bar Association, said temporary approval shall become final.