CHAPTER 174

FORMERLY

SENATE BILL NO. 214

AS AMENDED BY SENATE AMENDMENT NO. 1

AN ACT TO AMEND SUBCHAPTERS I AND III, CHAPTER 85, TITLE 3, DELAWARE CODE RELATING TO CORPORATE LAW FOR COOPERATIVES.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. AMEND Subsection 8503 (a) (3) by striking said subsection in its entirety and substitute in lieu thereof a new subsection (3) to read as follows:

"(3) the location of the registered office of the association, which shall be within this state;"

Section 2. Amend Section 8532, Title 3 of the Delaware Code of 1953 by striking therefrom the words "Dividends on preferred stock shall be not greater than 6 percent per annum" and substituting in lieu thereof the words "Dividends on preferred stock shall be not greater than 12 percent per annum."

Section 3. Amend Chapter 85, Title 3 of the Delaware Code of 1953 by adding the following section thereto:

§8515. Registered Office in State; Principal Office or Place of Business in State office which may, but need not be, the same as its place of business.

(b) Whenever the term 'principal place, where its business is to be transacted', 'principal place of business', or `principal office' is or has been used in the articles of association of a cooperative agricultural association, or in any other document, or in any statute, it shall be deemed to mean and refer to, unless the context indicates otherwise, the association's registered office required under Section 8503 (a) (3); and it shall not be necessary for any association to amend its articles of association or any other documents to comply with this section.

Approved July 2, 1975