SENATE BILL NO. 202
AN ACT TO AMEND CHAPTER 38 OF TITLE 12 OF THE DELAWARE CODE RELATING TO BUSINESS TRUSTS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §3801(a), Chapter 38, Title 12 of the Delaware code by adding the words or will be after the words "under which property is as currently appearing in subsection (1) of such Section 3801(a), and further amend Section 3801(a) by adding the words or will be carried on immediately following the words "or business or professional activities for profit are carried on as currently appearing in subsection (1) of such Section 3801(a).
Section 2. Amend §3804, Chapter 38, Title 12 of the Delaware Code by deleting from the last sentence thereof the proviso clause beginning with the punctuation and words "; provided, that §3803(a) of this title," and ending with the words "including the common law (without reference to §3B03(a) of this title)".
Section 3. Amend §3807(b), Chapter 38, Title 12 of the Delaware Code by deleting the words "or becomes a registered investment company" currently appearing therein and inserting in lieu thereof the following punctuation and words ", becomes, or will become prior to the issuance of beneficial interests, a registered investment company".
Section 4. This Act shall become effective immediately upon enactment with respect to all business trusts whenever created.
Approved July 3, 1991.