DEL LEG Limited Partnership Act

On May 16, DEL LEG issued bill amending Limited Partnership Act.

  • DEL LEG proposed bill HB 337 to make periodic amendments to DEL Revised Uniform Limited Partnership Act (LP Act) to keep current, maintain national preeminence.
  • Made amendments to various LP Act provisions, including DEL LEG 17-204, DEL LEG 17-211, DEL LEG 17-218(d), DEL LEG 17-221(f), DEL LEG 17-224, DEL LEG 17-806.
  • Bill Provisions
  • Required each new general partner to sign certificate of merger or certificate of ownership, merger; general partner to sign certificate of merger for registered series.
  • Amended to permit certificates of ownership/merger to state any amendments to certificate of limited partnership of surviving domestic limited partnership in merger.
  • Confirmed, clarified mechanisms to revoke termination of protected series, dissolution of registered series, dissolution of LP to reference persons whose approval is required.
  • Certificate of merger of registered series permitted to state amendments to certificate of registered series of surviving series in merger as desired to be effected by merger.
  • Legislative History
  • On Mar. 7, 2024, bill was introduced in House; on Apr. 23, 2024, bill passed House.
  • On Apr. 23, 2024, bill was introduced in Senate; on May 16, 2024, bill passed Senate.
  • Effectiveness
  • Amendments to the LP Act take effect on Aug. 1, 2024, if bill is enacted.
  • May 2024 DEL LEG Governor Approval
  • On May 30, 2024, DEL LEG reported bill approval by governor, effective Aug. 1, 2024.
  • Bill HB 337 entered session law as Volume 84, Chapter 267.

Regulators DEL LEG
Entity Types Corp
Reference Ch 84:267, 5/30/2024; Bill HB337, 5/17/2024; Citation: *DEL LEG* 17-204, 17-211, 17-218, 17-221, 17-224, 17-806;
Functions Compliance; C-Suite; Legal; Operations
Countries United States of America
Products Corporate
Regions Am
Rule Type Final
Rule Date 5/16/2024
Effective Date 8/1/2024
Rule Id 212595
Linked to N/A
Reg. Last Update 5/30/2024
Report Section US Consumer

Last substantive update on 06/05/2024