CHAPTER 221

FORMERLY

HOUSE BILL NO. 372

AN ACT TO AMEND CHAPTER 18, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC LIMITED LIABILITY COMPANIES AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED LIABILITY COMPANIES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein):

Section 1. Amend § 18-1101, Chapter 18, Title 6 of the Delaware Code by adding a new subsection (e) thereto as follows:

"(e) Sections 9-406 and 9-408 of this Title do not apply to any interest in a limited liability company, including all rights, powers and interests arising under a limited liability company agreement or this chapter. This provision prevails over Sections 9-406 and 9-408 of this Title.".

Section 2. This Act shall become effective February 1, 2002.”.

Approved January 24, 2002