CHAPTER 223

FORMERLY

HOUSE BILL NO. 374

AN ACT TO AMEND CHAPTER 15, TITLE 6 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION AND DISSOLUTION OF DOMESTIC PARTNERSHIPS AND THE REGISTRATION AND REGULATION OF FOREIGN LIMITED LIABILITY PARTNERSHIPS.

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 § 15-104, Chapter 15, Title 6 of the Delaware Code by adding a new subsection (c) thereto as follows:

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

Section 2. Amend § 15-1001, Chapter 15, Title 6 of the Delaware Code by adding a new subsection (i) thereto as follows:

"(i) Notwithstanding anything in this chapter to the contrary, a domestic partnership having, or that, but for its election in accordance with Section 15-1206(c) of this Chapter, would have had, on December 31, 2001, the status of a registered limited liability partnership under predecessor law, shall have the status of a limited liability partnership under this chapter as of January 1, 2002, and, to the extent such partnership has not filed a statement of qualification pursuant to this section, the latest application or renewal application filed by such partnership under such predecessor law shall constitute a statement of qualification filed under this section."

Section 3. Amend § 15-1003, Chapter 15, Title 6 of the Delaware Code by deleting subsection (b) thereof in its entirety and substituting in lieu thereof the following subsection (b):

"(b) An annual report must be filed by the first day of June of each year following the calendar year in which a statement of qualification filed by a partnership becomes effective or a foreign partnership becomes authorized to transact business in the State of Delaware.".

Section 4. This Act shall become effective February 1, 2002.

Approved January 24, 2002