CHAPTER 118

FORMERLY

HOUSE BILL NO. 306

AN ACT TO AMEND TITLE 8 OF THE DELAWARE CODE RELATING TO THE DELAWARE GENERAL CORPORATION LAW AND FEES CHARGED AND COLLECTED BY THE SECRETARY OF STATE.

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

WHEREAS, costs are incurred by the municipality in which the Courts of Chancery currently reside so that the aforementioned courts may provide exemplary service.

WHEREAS significant investments in buildings and property are made by the State of Delaware to host the Courts of Chancery in these municipalities

WHEREAS property owned by the State of Delaware is exempt from local property taxes, but compensation for services provided is a mechanism for municipalities to recover said costs.

NOW, THEREFORE:

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 § 103 (c), Title 8, Delaware Code, by renumbering paragraph “(7)” to become paragraph “(8)” and by adding a new paragraph (7), which new paragraph (7) shall read as follows:

“(7) The Secretary of State, acting as agent, shall collect and deposit in a separate account established exclusively for that purpose a courthouse municipality fee with respect to each filed instrument and shall thereafter monthly remit funds from such account to the treasuries of the municipalities designated in Title 10, § 301. Said fees shall be for the purposes of defraying certain costs incurred by such municipalities in hosting the primary locations for the Delaware Courts. The fee to such municipalities shall be $20 for each instrument filed with the Secretary of State in accordance with this Section. The municipality to receive the fee shall be the municipality designated in Title 10, § 301 in the county in which the corporation’s registered office in this State is, or is to be, located, except that a fee shall not be charged for a certificate of dissolution qualifying for treatment under § 391 (a)(5)b of this Title, a resignation of agent without appointment of a successor under § 136 of this Chapter, or a document filed in accordance with Subchapter XV of this Chapter.

Section 2. Amend Section 391(a)(7), Title 8, Delaware Code, by striking the figure “$25” following the words “§ 103 (c)(7) of this Title, the fee shall be” and substituting in lieu thereof “$5”.

Section 3. This bill shall take effect on August 1, 2003.

Approved July 8, 2003