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Expert Analysis

Tools To Remedy Defective Corporate Acts In Delaware

By Jenness Parker and Kaitlin Maloney ( June 6, 2017, 12:49 PM EDT) -- Since they became effective in 2014, Sections 204 and 205 of the Delaware General Corporation Law (DGCL) have provided mechanisms for a corporation to unilaterally ratify defective corporate acts or seek relief from the Court of Chancery to validate any corporate act under certain circumstances. These provisions filled a perceived gap in the DGCL. Prior to their enactment, a corporation had no tool to fix defective acts or obtain validation of issues causing uncertainty in corporate documents, actions or otherwise. So far, the Court of Chancery has had relatively few opportunities to opine on the use of these statutory provisions....

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