CHAPTER 296

FORMERLY

HOUSE BILL NO. 761

AN ACT TO AMEND CHAPTER 23 OF TITLE 30 OF THE DELAWARE CODE RELATING TO OCCUPATIONAL LICENSES AND FEES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §2301 of Chapter 23 of Title 30 of the Delaware Code by adding new subsections (u) and (v) as follows:

"(u) Business trusts formed under the Taws of this State which are registered as investment companies under the Investment Company Act of 1940, as amended (15 U.S.C. §80a-1 et seg.), are exempt from payment of fees as set forth in subsections (b) and (d) of this section.

(v) Corporations registered as investment advisors under the Investment Advisors Act of 1940, as amended (15 U.S.C. §80b-1 et seg.), corporations registered as transfer agents under section 17A of the Securities Exchange Act of 1934, as amended (15 U.S.C. §78q-1) and corporations acting as principal underwriters as defined in section 2(a)(29) of the Investment Company Act of 1940, as amended (15 U.S.C. §80a-2(a)(29)), are exempt from the payment of fees as set forth in subsection (b) of this section and from fees as set forth in subsection (d) of this section upon gross receipts received from business trusts described in subsection (u) of this section.".

Section 2. This Act shall become effective for taxable periods beginning on or after July 1, 1990; provided, however that license fees paid under 30 Del.0 §2301(b) that are eliminated by this Act shall not be required to be refunded for any portion of tax year

Approved July 5, 1990.