Delaware Clauses Relating to Transactions with Insiders
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How to fill out Clauses Relating To Transactions With Insiders?
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§ 276. Dissolution of nonstock corporation; procedure. (a) Whenever it shall be desired to dissolve any nonstock corporation, the governing body shall perform all the acts necessary for dissolution which are required by § 275 of this title to be performed by the board of directors of a corporation having capital stock.
Section 278 of the code establishes a period of at least three years after dissolution during which a corporation is deemed to be ?continued.? During the three-year period, a dissolved corporation's directors can elect to follow procedures set forth in § 280 and § 281(a) of the code, or § 281(b) of the code.
Some courts have held that a transfer of approximately two-thirds in value of the assets, or 68 percent or even 75 percent of all the corporate property, is not "substantially all." Other courts have held that 85.2 percent or even 90 percent, which included all property except cash, is substantially all.
§ 272. Mortgage or pledge of assets. (a) The authorization or consent of stockholders to the mortgage or pledge of a corporation's property and assets shall not be necessary, except to the extent that the certificate of incorporation otherwise provides.
(a) Every corporation may at any meeting of its board of directors or governing body sell, lease or exchange all or substantially all of its property and assets, including its goodwill and its corporate franchises, upon such terms and conditions and for such consideration, which may consist in whole or in part of money ...
Section 275 - Dissolution generally; procedure (a) If it should be deemed advisable in the judgment of the board of directors of any corporation that it should be dissolved, the board, after the adoption of a resolution to that effect by a majority of the whole board at any meeting called for that purpose, shall cause ...
Corporate law centers around the provision of 8 DEL. C. § 271, requiring the approval of a majority of the outstanding voting stock of a corporation, whenever it intends to sell, lease or exchange "all or substantially all" of its assets.
§ 217. Voting rights of fiduciaries, pledgors and joint owners of stock. (a) Persons holding stock in a fiduciary capacity shall be entitled to vote the shares so held.
