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Subchapter S (S Corporation) Apa itu Subchapter S (S Corporation) Subchapter S (S Corporation) adalah bentuk perusahaan yang memenuhi persyaratan Internal Revenue Code tertentu, memberikan perusahaan dengan 100 pemegang saham atau kurang mendapatkan keuntungan saat mengajukan pajak Sebagai sebuah kemitraan. Korporasi dapat menyampaikan pendapatan langsung kepada pemegang saham dan menghindari pajak berganda yang melekat pada dividen perusahaan publik, sambil tetap menikmati keuntungan dari struktur perusahaan. Persyaratan termasuk menjadi perusahaan domestik. Tidak memiliki lebih dari 100 pemegang saham, termasuk hanya pemegang saham yang berhak dan hanya memiliki satu kelas saham. BREAKING DOWN Subchapter S (S Corporation) Korporasi yang diajukan di bawah Subchapter S dapat melewati pendapatan bisnis, kerugian, pengurangan dan kredit kepada pemegang saham. Pemegang saham melaporkan pendapatan dan kerugian tersebut atas SPT sendiri dan membayar pajak atas tarif pajak penghasilan individual. Perusahaan S membayar pajak atas keuntungan dan pendapatan pasif tertentu di tingkat korporat. Perusahaan korporasi harus menjadi perusahaan domestik dengan perorangan, kepercayaan khusus dan perkebunan sebagai pemegang saham. Kemitraan, perusahaan dan orang asing yang tidak tinggal tidak memenuhi syarat sebagai pemegang saham. Lembaga keuangan khusus, perusahaan asuransi dan perusahaan penjualan internasional domestik mungkin tidak mengajukan perusahaan S. Keuntungan Pengarsipan di Bawah Subchapter S Membentuk perusahaan korporasi dapat membantu menciptakan kredibilitas dengan calon pelanggan, karyawan, pemasok dan investor dengan menunjukkan kepada pemilik komitmen formal kepada perusahaan. Selain itu, pemegang saham mungkin adalah karyawan perusahaan, menarik gaji karyawan dan menerima dividen perusahaan atau distribusi lainnya yang bebas pajak terkait dengan masing-masing investasi pemegang saham dalam bisnis ini. Mencirikan distribusi sebagai gaji atau dividen dapat membantu pemilik mengurangi kewajiban untuk pajak wiraswasta sementara menghasilkan potongan biaya bisnis dan pemotongan gaji. Selain itu, perusahaan S tidak membayar pajak federal di tingkat entitas, kerugian tersebut dapat mengimbangi pendapatan lain-lain dalam jumlah pajak para pemegang saham. Menyimpan uang untuk pajak perusahaan sangat menguntungkan, terutama bila bisnis baru didirikan. Juga, kepentingan dalam perusahaan S dapat ditransfer tanpa menghadapi konsekuensi pajak yang merugikan, melakukan penyesuaian terhadap basis properti atau mematuhi peraturan akuntansi yang rumit. Kekurangan Pengarsipan di Bawah Subchapter S Internal Revenue Service (IRS) meneliti pembayaran yang disalurkan kepada pemegang saham sebagai gaji atau dividen sebagai cara untuk memastikan karakterisasi realistis. Oleh karena itu, jika upah dicirikan sebagai dividen, bisnis tersebut kehilangan pengurangan kompensasi yang dibayarkan. Demikian pula, jika dividen dicirikan sebagai upah, bisnis membayar lebih banyak pajak kerja. Juga, kesalahan dalam pemilihan, persetujuan, pemberitahuan, kepemilikan saham atau persyaratan pengajuan dapat mengakibatkan perusahaan S dihentikan. Hal ini jarang terjadi dan seringkali cepat terkoreksi. Selain itu, pengarsipan di bawah Subchapter S membutuhkan waktu dan uang. Saat mendirikan perusahaan S, pemilik menyimpan barang-barang yang digabungkan dengan Sekretaris Negara, mendapatkan agen terdaftar untuk bisnis tersebut dan membayar biaya yang sesuai. Di banyak negara bagian, pemilik membayar biaya laporan tahunan dan atau pajak waralaba atau biaya berkelanjutan lainnya. Biaya biasanya murah dan dapat dikurangkan sebagai biaya berbisnis. Juga, semua investor menerima hak dividen dan distribusi, terlepas dari apakah investor memegang pemungutan suara atau tidak memilih.Status Delaware - Search and ServicesInformation Corporations BAB 1. LAMPIRAN CORPORATION UMUM Subchapter V. Sekte Saham dan Dividen 151 Kelas dan rangkaian saham Hak penebusan (A) Setiap perusahaan dapat menerbitkan 1 atau lebih kelas saham atau 1 atau lebih seri saham dalam kelasnya, salah satu atau semua kelasnya dapat dijual dengan nilai nominal atau saham tanpa nilai nominal dan kelas atau seri mana yang mungkin dimiliki Hak suara tersebut, penuh atau terbatas, atau tidak memiliki hak suara, dan sebutan, preferensi dan hak, hak, atau persyaratan khusus lainnya yang khusus, berpartisipasi, opsional atau khusus lainnya, dan persyaratan, batasan atau batasannya, sebagaimana harus dinyatakan dan dinyatakan dalam sertifikat penggabungan atau Setiap amandemennya, atau dalam resolusi atau resolusi yang mengatur untuk penerbitan saham tersebut yang diadopsi oleh dewan direksi sesuai dengan kewenangan yang diberikan secara tegas olehnya dengan ketentuan akta pendiriannya. Salah satu hak suara, sebutan, preferensi, hak dan kualifikasi, batasan atau batasan dari kelas atau rangkaian saham semacam itu dapat dibuat bergantung pada fakta yang dapat dipastikan di luar sertifikat penggabungan atau perubahan apapun, atau di luar resolusi atau keputusan yang memberikan Untuk penerbitan saham semacam itu yang diadopsi oleh dewan direksi sesuai dengan kewenangan yang diberikan secara tegas olehnya melalui sertifikat pendiriannya, dengan syarat bahwa fakta tersebut berlaku pada hak suara, sebutan, preferensi, hak dan kualifikasi, batasan atau Pembatasan kelas atau rangkaian saham tersebut secara jelas dan tegas ditetapkan dalam sertifikat penggabungan atau resolusi atau resolusi yang mengatur untuk penerbitan saham tersebut yang diadopsi oleh dewan direksi. Istilah fakta, seperti yang digunakan dalam bagian ini, mencakup, namun tidak terbatas pada, terjadinya kejadian apapun, termasuk penentuan atau tindakan oleh orang atau badan, termasuk korporasi. Kekuatan untuk menambah atau menurunkan atau menyesuaikan persediaan modal sebagaimana diatur dalam bab ini berlaku untuk semua atau kelas persediaan semacam itu. (B) saham tertentu dari setiap kelas atau seri dapat dibuat tunduk pada penebusan oleh perusahaan atas pilihannya atau atas pilihan pemegang saham tersebut atau pada saat kejadian peristiwa tertentu, bagaimanapun, bahwa segera setelah penebusan tersebut Perusahaan memiliki 1 atau lebih saham 1 atau lebih kelas atau rangkaian saham, yang berbagi, atau saham bersama-sama, harus memiliki hak suara penuh. Menyimpang dari batasan yang tercantum dalam ketentuan di atas: (1) memastikan saham perusahaan investasi yang diatur berdasarkan Undang-Undang Perusahaan Investasi tahun 1940 15 U.S.C. Sekte 80 a-1 et seq., Sebagaimana telah diubah sebelumnya atau selanjutnya diubah, dapat diajukan tunduk pada penebusan oleh perusahaan atas pilihannya atau atas pilihan pemegang saham tersebut. (2) menjual saham perusahaan yang secara langsung atau tidak langsung memiliki lisensi atau waralaba dari instansi pemerintah untuk menjalankan usahanya atau merupakan anggota bursa efek nasional, dimana lisensi, waralaba atau keanggotaan dikondisikan pada beberapa atau seluruh Pemegang sahamnya yang memiliki kualifikasi yang ditentukan, dapat diajukan tunduk pada penebusan oleh perusahaan sejauh diperlukan untuk mencegah hilangnya lisensi, waralaba atau keanggotaan tersebut atau untuk mengembalikannya. Setiap saham yang dapat dibuat dapat ditukarkan dengan bagian ini dapat dilunasi untuk uang tunai, properti atau hak, termasuk surat berharga dari perusahaan yang sama atau lainnya, pada waktu atau waktu, harga atau harga, atau tingkat suku bunga, dan dengan penyesuaian tersebut, seperti Dinyatakan dalam sertifikat penggabungan atau resolusi atau keputusan yang mengatur untuk penerbitan saham tersebut yang diadopsi oleh dewan direksi sesuai dengan ayat (a) bagian ini. (C) pepatah pemegang saham preferen atau khusus dari setiap kelas atau rangkaiannya berhak menerima dividen dengan tarif tersebut, pada kondisi tersebut dan pada saat seperti yang disebutkan dalam sertifikat penggabungan atau resolusi atau keputusan Menyediakan untuk penerbitan saham tersebut yang diadopsi oleh dewan direksi sesuai ketentuan di atas, dibayarkan sesuai preferensi, atau sehubungan dengan itu, dividen dibayarkan pada kelas atau kelas lain atau dari rangkaian saham lainnya, dan kumulatif atau nonumumatif Harus dinyatakan dan diungkapkan. Bila dividen atas saham preferen dan khusus, jika ada, sejauh preferensi saham tersebut berhak, harus telah dibayarkan atau diumumkan dan ditetapkan untuk pembayaran, dividen pada kelas atau kelas yang tersisa atau serangkaian saham dapat Kemudian dibayarkan dari sisa aset perusahaan yang tersedia untuk dividen seperti di tempat lain dalam bab ini. (D) enspPemegang saham preferen atau khusus dari setiap kelas atau rangkaiannya berhak atas hak tersebut pada saat pembubaran, atau atas distribusi aset, korporasi sebagaimana dinyatakan dalam sertifikat penggabungan Atau dalam resolusi atau resolusi yang mengatur untuk penerbitan saham tersebut yang diadopsi oleh dewan direksi sesuai ketentuan di atas. (E) saham tertentu dari setiap kelas atau rangkaiannya dapat dibuat dikonversi menjadi, atau dapat ditukar dengan, atas pilihan pemegang atau perusahaan atau pada saat terjadinya peristiwa tertentu, saham dari kelas atau kelas lain atau Seri lain dari kelas yang sama atau kelas lainnya dari saham perusahaan, dengan harga atau harga atau tingkat bunga atau kurs tersebut dan dengan penyesuaian seperti yang dinyatakan dalam sertifikat penggabungan atau resolusi atau keputusan Menyediakan untuk penerbitan saham tersebut yang diadopsi oleh dewan direksi sesuai ketentuan di atas. (F) Jika perusahaan diberi wewenang untuk menerbitkan lebih dari 1 kelas saham atau lebih dari 1 seri kelas, kekuatan, sebutan, preferensi dan hak partisipasi, hak istimewa opsional, atau hak khusus lainnya dari masing-masing kelas saham atau seri Daripadanya dan kualifikasi, batasan atau batasan dari preferensi dan hak tersebut harus ditetapkan secara lengkap atau dirangkum di atas muka atau belakang sertifikat dimana perusahaan tersebut akan mengeluarkan untuk mewakili kelas atau rangkaian saham tersebut, dengan syarat, kecuali jika ditentukan lain Dalam sekte 202 dari judul ini, sebagai pengganti persyaratan di atas, mungkin ada yang tercantum di muka atau belakang sertifikat yang dikeluarkan perusahaan untuk mewakili kelas atau rangkaian saham semacam itu, sebuah pernyataan bahwa perusahaan akan memberikan tanpa biaya Kepada masing-masing pemegang saham yang meminta wewenang, sebutan, preferensi dan relatif, hak partisipasi, opsional, atau hak khusus lainnya dari masing-masing kelas saham atau serinya dan Kualifikasi, batasan atau pembatasan preferensi dan hak tersebut. Dalam waktu yang wajar setelah penerbitan atau pengalihan saham tidak sah, perusahaan harus mengirimkan kepada pemilik terdaftar dari pemberitahuan tertulis yang memuat informasi yang diminta untuk ditetapkan atau dinyatakan dalam sertifikat sesuai dengan bagian ini atau sekte 156, sekte 202 (a) Atau sekte 218 (a) dari judul ini atau sehubungan dengan bagian ini sebuah pernyataan bahwa perusahaan akan memberikan tanpa biaya kepada setiap pemegang saham yang meminta wewenang, sebutan, preferensi dan hak partisipasi yang relatif, opsional atau hak khusus lainnya dari setiap kelas saham Atau rangkaiannya dan kualifikasi, batasan atau batasan preferensi dan hak tersebut. Kecuali dinyatakan secara tegas oleh undang-undang, hak dan kewajiban pemegang saham tidak berwibawa dan hak dan kewajiban pemegang sertifikat yang mewakili saham kelas dan seri yang sama harus sama. (G) Jika setiap perusahaan berkeinginan menerbitkan saham kelas apapun atau rangkaian kelas mana pun yang mana wewenang, sebutan, preferensi dan hak relatif, hak partisipasi, hak pilihan atau lainnya, jika ada, atau kualifikasi, batasan atau Pembatasan daripadanya, jika ada, tidak boleh tercantum dalam sertifikat penggabungan atau perubahan apapun, namun harus dilengkapi dalam resolusi atau keputusan yang diadopsi oleh dewan direksi sesuai dengan kewenangan yang diberikan secara tegas olehnya melalui sertifikat penggabungan Atau perubahan apapun, sertifikat peruntukan yang memuat salinan resolusi atau resolusi tersebut dan jumlah saham dalam kelas atau rangkaian yang harus diselesaikan, diakui, diajukan, dan berlaku efektif, Sesuai dengan sekte 103 dari judul ini. Kecuali ditentukan lain dalam resolusi atau resolusi tersebut, jumlah saham dalam seri tersebut yang dapat disetujui atau disetujui resolusi tersebut (akan tetapi tidak melebihi jumlah saham resmi dari kelas tersebut) atau menurun (namun tidak di bawah Jumlah sahamnya yang beredar) dengan sertifikat juga dilaksanakan, diakui dan diajukan dengan mengemukakan pernyataan bahwa kenaikan atau penurunan yang ditentukan di dalamnya telah diotorisasi dan disahkan oleh resolusi atau resolusi yang juga diadopsi oleh dewan direksi. Jika jumlah saham tersebut dikurangi jumlah saham yang ditentukan dalam sertifikat harus melanjutkan status yang dimilikinya sebelum penerapan resolusi atau resolusi pertama. Bila tidak ada saham dari kelas atau seri semacam itu yang beredar, entah karena tidak ada yang dikeluarkan atau karena tidak ada saham yang dikeluarkan dari kelas atau seri semacam itu tetap beredar, sebuah sertifikat yang menetapkan resolusi atau resolusi yang diadopsi oleh dewan direksi bahwa tidak ada yang berwenang Saham kelas atau seri semacam itu beredar, dan bahwa tidak ada yang akan diterbitkan dengan tunduk pada sertifikat sebutan yang diajukan sebelumnya sehubungan dengan kelas atau seri tersebut, dapat dilaksanakan, diakui dan diajukan sesuai dengan sekte 103 dari judul ini dan, jika Sertifikat menjadi efektif, efeknya dapat dieliminasi dari sertifikat penggabungan semua hal yang diatur dalam sertifikat sebutan sehubungan dengan kelas atau rangkaian saham tersebut. Kecuali ditentukan lain dalam sertifikat penggabungan, jika tidak ada saham yang diterbitkan dari kelas atau rangkaian saham yang ditetapkan oleh keputusan dewan direksi, hak suara, sebutan, preferensi dan hak partisipasi, hak partisipasi, hak istimewa atau hak lainnya , Jika ada, atau kualifikasi, batasan atau batasannya, dapat diubah dengan resolusi atau resolusi yang diadopsi oleh dewan direksi. Sertifikat yang: (1) enspStates bahwa tidak ada saham dari kelas atau seri yang telah dikeluarkan (2) enspSeturn salinan resolusi atau resolusi dan (3) ensp Jika penunjukan kelas atau seri sedang diubah, berarti yang asli Penunjukan dan penunjukan baru, harus dilaksanakan, diakui dan diajukan dan akan berlaku efektif, sesuai dengan sekte 103 dari jabatan ini. Apabila sertifikat yang diajukan berdasarkan subbagian ini berlaku efektif, maka akan berlaku untuk mengubah sertifikat penggabungan usaha kecuali bahwa baik pengarsipan sertifikat maupun pengajuan sertifikat penggabungan tersebut tidak sesuai dengan sekte 245 dari judul ini, akan melarang dewan pengabut Direksi kemudian mengadopsi resolusi seperti yang disahkan oleh subbagian ini. Sekte 152 Penerbitan saham pertimbangan wajar saham yang disetor penuh. Pertimbangan, sebagaimana ditentukan menurut sekte 153 (a) dan (b) dari judul ini, untuk langganan atau pembelian saham modal yang dikeluarkan oleh perusahaan harus dibayar dalam bentuk seperti itu dan dengan cara yang sama dengan Dewan direksi harus menentukan Dewan direksi dapat mengotorisasi persediaan modal yang akan dikeluarkan untuk pertimbangan yang terdiri dari uang tunai, properti berwujud atau tidak berwujud atau keuntungan apapun kepada perusahaan, atau kombinasinya. Resolusi yang memberi otorisasi penerbitan saham modal dapat menetapkan bahwa setiap saham yang diterbitkan sesuai dengan keputusan tersebut dapat dikeluarkan dalam 1 atau lebih transaksi dalam jumlah tersebut dan pada saat seperti yang ditentukan atau ditentukan oleh atau dengan cara yang ditetapkan dalam Resolusi, yang mungkin mencakup penentuan atau tindakan oleh orang atau badan apa pun, termasuk perusahaan, asalkan resolusi tersebut memperbaiki jumlah saham maksimum yang mungkin dikeluarkan sesuai dengan resolusi tersebut, jangka waktu selama saham tersebut diterbitkan dan Jumlah minimum pertimbangan dimana saham tersebut dapat diterbitkan. Dewan direksi dapat menentukan jumlah pertimbangan dimana saham dapat diterbitkan dengan menetapkan jumlah minimum pertimbangan atau menyetujui formula dimana jumlah atau jumlah minimum pertimbangan ditentukan. Rumusnya dapat termasuk atau dibuat tergantung pada fakta yang dapat dipastikan di luar formula, dengan syarat bagaimana fakta tersebut beroperasi pada formula tersebut secara jelas dan tegas tercantum dalam formula atau resolusi yang menyetujui formula tersebut. Dengan tidak adanya kecurangan dalam transaksi, penilaian direksi mengenai nilai pertimbangan tersebut harus meyakinkan. Modal saham yang dikeluarkan dianggap sebagai saham yang telah disetor penuh dan tidak dapat disetor pada saat diterima oleh perusahaan dengan pertimbangan seperti itu, namun, tidak ada yang tercantum di sini yang akan mencegah dewan direksi mengeluarkan sebagian saham berbayar berdasarkan sekte 156 dari judul ini. Sekte 153 Pertimbangan untuk persediaan (A) jumlah saham dengan nilai nominal dapat dikeluarkan untuk pertimbangan tersebut, memiliki nilai tidak kurang dari nilai nominalnya, sebagaimana ditentukan dari waktu ke waktu oleh dewan direksi, atau oleh pemegang saham jika sertifikat penggabungan tersebut . (B) jumlah saham tanpa nilai nominal dapat dikeluarkan untuk pertimbangan seperti yang ditentukan dari waktu ke waktu oleh dewan direksi, atau oleh pemegang saham jika sertifikat penggabungan tersebut dibuat. (C) saham perdana dapat dilepas oleh perusahaan untuk pertimbangan seperti yang dapat ditentukan dari waktu ke waktu oleh dewan direksi, atau oleh pemegang saham jika sertifikat penggabungan tersebut dibuat. (D) memastikan bahwa sertifikat pemegang saham memiliki hak untuk menentukan pertimbangan atas penerbitan saham, pemegang saham, kecuali jika sertifikat tersebut memerlukan pemungutan suara yang lebih besar, lakukan dengan suara mayoritas dari saham yang beredar yang berhak Untuk memilihnya. Sekte 154 Penentuan jumlah modal, surplus dan aktiva bersih yang ditetapkan. Perusahaan manapun dapat, dengan keputusan dewan direksi, menentukan bahwa hanya sebagian dari pertimbangan yang akan diterima oleh perusahaan untuk saham-saham modal yang akan diterbitkannya dari waktu ke waktu adalah modal tetapi, dalam Kasus salah satu saham yang diterbitkan adalah saham yang memiliki nilai nominal, jumlah bagian pertimbangan yang ditetapkan menjadi modal tersebut melebihi nilai nominal keseluruhan dari saham yang diterbitkan untuk pertimbangan tersebut yang memiliki nilai nominal, kecuali jika semua Saham yang diterbitkan adalah saham yang memiliki nilai nominal, dalam hal jumlah pertimbangan yang ditetapkan sehingga kebutuhan modal hanya setara dengan nilai nominal agregat dari saham tersebut. Dalam masing-masing kasus tersebut dewan direksi harus menentukan dalam dolar bagian dari pertimbangan tersebut yang menjadi modal. Jika dewan direksi tidak menentukan (1) pada saat menerbitkan saham dari modal saham perusahaan yang diterbitkan untuk uang tunai atau (2) dalam waktu 60 hari setelah penerbitan saham dari modal saham perusahaan Yang dikeluarkan untuk pertimbangan selain uang tunai, bagian pertimbangan dari saham tersebut adalah modal, modal perusahaan sehubungan dengan saham tersebut harus berjumlah sama dengan nilai nominal agregat dari saham tersebut yang memiliki nilai nominal, ditambah jumlah Pertimbangan untuk saham tersebut tanpa nilai nominal. Besarnya pertimbangan yang ditetapkan menjadi modal sehubungan dengan saham tanpa nilai nominal adalah modal saham tersebut. Modal perusahaan dapat ditingkatkan dari waktu ke waktu dengan keputusan dewan direksi yang mengarahkan bahwa sebagian dari aset bersih perusahaan melebihi jumlah yang ditentukan sehingga dapat dipindahkan ke rekening modal. Dewan direksi dapat mengarahkan bahwa bagian dari aset bersih yang dialihkan tersebut diperlakukan sebagai modal sehubungan dengan saham perusahaan dari kelas atau kelas yang ditunjuk. Kelebihannya, jika ada, pada suatu waktu, dari aset bersih perusahaan atas jumlah yang ditentukan menjadi modal harus surplus. Aset bersih berarti jumlah dimana total aset melebihi jumlah kewajiban. Modal dan surplus bukan kewajiban untuk tujuan ini. Terlepas dari apa pun di bagian ini, sebaliknya, untuk tujuan bagian ini dan sekte 160 dan 170 dari judul ini, modal dari setiap perusahaan nonstock dianggap nol. Sekte 155 Pecahan saham. Perusahaan mungkin, tapi tidak diharuskan untuk mengeluarkan pecahan saham. Jika tidak mengeluarkan pecahan saham, maka harus (1) mengatur disposisi kepentingan pecahan oleh mereka yang berhak atas, (2) membayar secara tunai nilai wajar pecahan saham pada saat orang-orang yang berhak menerima Pecahan tersebut ditentukan atau (3) menerbitkan scrip atau waran dalam bentuk terdaftar (baik yang ditunjukkan oleh sertifikat atau tidak diubah) atau dalam bentuk pembawa (diwakili oleh sertifikat) yang berhak memberi hak kepada pemegang saham untuk menerima bagian penuh atas penyerahan skrip tersebut Atau waran mengumpulkan bagian penuh. Sertifikat untuk pecahan saham atau pembagian pecahan yang tidak pasti harus dilakukan, namun uang sewenang-wenang atau waran tidak boleh kecuali jika ditentukan lain di dalamnya, memberi hak kepada pemegangnya untuk menggunakan hak suara, untuk menerima dividen di atasnya dan untuk berpartisipasi dalam aset perusahaan manapun dalam acara tersebut. Dari likuidasi Dewan direksi dapat menyebabkan waralaba atau waran diterbitkan dengan syarat bahwa mereka akan menjadi batal jika tidak ditukar dengan sertifikat yang mewakili saham penuh atau saham yang tidak memiliki hasil penuh sebelum tanggal yang ditentukan, atau tunduk pada ketentuan bahwa saham yang menjadi hak tertulis Atau waran dapat ditukarkan dapat dijual oleh perusahaan dan hasilnya dibagikan kepada pemegang scrip atau waran, atau tunduk pada persyaratan lain yang dapat ditentukan oleh dewan direksi. Sekte 156 Sebagian saham berbayar. Setiap perusahaan dapat menerbitkan keseluruhan atau bagian dari sebagian sahamnya sebagai bagian yang dibayar dan dapat dikenakan biaya untuk sisa pertimbangan yang harus dibayar untuk itu. Pada setiap bagian atas atau belakang dari setiap sertifikat saham yang dikeluarkan untuk mewakili sebagian saham yang dibayar sebagian tersebut, atau atas pembukuan dan catatan perusahaan dalam kasus saham yang sebagian sahamnya tidak diregistrasi, jumlah total pertimbangan yang harus dibayar dan jumlah yang dibayarkan Maka harus dinyatakan. Setelah pengumuman dividen atas saham yang disetor penuh, perusahaan harus mengumumkan dividen atas sebagian saham berbayar dari kelas yang sama, namun hanya berdasarkan persentase dari pertimbangan yang dibayarkan di sana. Sekte 157 Hak dan opsi untuk menghormati saham. (A) mengikatkan kepada ketentuan dalam sertifikat penggabungan, setiap perusahaan dapat membuat dan menerbitkan, apakah atau tidak sehubungan dengan penerbitan dan penjualan saham atau sekuritas lain dari perusahaan, hak atau opsi yang diberikan pemegangnya kepada Memperoleh dari perusahaan saham dari kelas atau kelasnya, hak atau opsi yang dibuktikan oleh atau instrumen atau instrumen tersebut harus disetujui oleh dewan direksi. (B) ketentuan yang mencakup, termasuk waktu atau waktu yang mungkin terbatas atau tidak terbatas dalam jangka waktu, di atau di mana, dan pertimbangan (termasuk formula yang dapat dipertimbangkan oleh pertimbangan tersebut) dimana saham tersebut dapat diperoleh Dari korporasi atas pelaksanaan hak atau pilihan tersebut, harus seperti tercantum dalam sertifikat penggabungan, atau dalam resolusi yang diadopsi oleh dewan direksi yang menyediakan pembuatan dan penerbitan hak atau opsi tersebut, dan, Dalam setiap hal, harus ditetapkan atau digabungkan dengan referensi dalam instrumen atau instrumen yang membuktikan hak atau pilihan tersebut. Rumus dimana pertimbangan tersebut dapat ditentukan dapat termasuk atau dibuat tergantung pada fakta yang dapat dipastikan di luar formula, dengan syarat bagaimana fakta tersebut beroperasi pada formula tersebut secara jelas dan tegas dinyatakan dalam formula atau dalam resolusi yang menyetujui formula . Dengan tidak adanya kecurangan dalam transaksi, keputusan direksi mengenai pertimbangan penerbitan hak atau opsi tersebut dan kecukupannya harus konklusif. (C) dewan direksi dapat, dengan sebuah resolusi yang diadopsi oleh dewan pengurus, memberi wewenang kepada 1 atau lebih perwira perusahaan untuk melakukan 1 atau kedua hal berikut: (i) menunjuk perwira dan karyawan perusahaan atau anak perusahaannya Untuk menjadi penerima hak atau opsi yang dibuat oleh perusahaan, dan (ii) menentukan jumlah hak atau opsi yang akan diterima oleh perwira dan karyawan tersebut, namun demikian resolusi yang mengizinkan pejabat atau petugas tersebut untuk menentukan jumlah Jumlah hak atau pilihan petugas atau petugas semacam itu bisa jadi penghargaan. Dewan direksi mungkin tidak memberi wewenang kepada petugas untuk menunjuk dirinya sendiri sebagai penerima hak atau opsi semacam itu. (D) Dalam hal jumlah saham perusahaan yang diterbitkan pada pelaksanaan hak atau opsi tersebut adalah saham yang memiliki nilai nominal, maka pertimbangan yang harus diterima harus memiliki nilai tidak kurang dari nilai nominalnya. Dalam hal saham yang menjadi saham saham adalah saham tanpa nilai nominal, maka pertimbangannya harus ditentukan dengan cara yang diberikan dalam sekte 153 dari judul ini. Sekte 158 lembar saham tidak memiliki sertifikat. Saham perusahaan harus diwakili oleh sertifikat, dengan ketentuan bahwa dewan direksi perusahaan dapat memberikan keputusan atau resolusi bahwa beberapa atau semua dari semua atau semua kelas atau rangkaian sahamnya adalah saham yang tidak diperdagangkan. Setiap resolusi tersebut tidak berlaku untuk saham yang diwakili oleh sertifikat sampai sertifikat tersebut diserahkan ke perusahaan. Setiap pemegang saham yang diwakili oleh sertifikat berhak mendapatkan sertifikat yang ditandatangani oleh, atau atas nama perusahaan oleh 2 pejabat resmi perusahaan yang mewakili jumlah saham yang terdaftar dalam bentuk sertifikat. Setiap atau semua tanda tangan pada sertifikat bisa berupa faksimili. Jika petugas, agen transfer atau registrar yang telah menandatangani atau tanda tangan faksimilinya telah ditempatkan pada sertifikat, harus tidak lagi menjadi petugas, agen transfer atau registrasi sebelum dikeluarkannya sertifikat tersebut, hal itu mungkin dikeluarkan oleh perusahaan dengan cara yang sama. Efeknya seolah-olah orang tersebut adalah petugas, agen transfer atau registrar pada tanggal penerbitan. Korporasi tidak memiliki wewenang untuk menerbitkan sertifikat dalam bentuk pembawa. Sekte 159 Saham milik pribadi saham, transfer dan perpajakan. Bagian saham di setiap perusahaan dianggap sebagai milik pribadi dan dapat dipindahtangankan sebagaimana ditentukan dalam Pasal 8 huruf I dari Judul 6. Tidak ada saham atau obligasi yang diterbitkan oleh perusahaan yang diatur dalam pasal ini akan dikenakan pajak oleh Negara ini pada saat yang sama dimiliki. Oleh bukan penduduk Negara ini, atau oleh perusahaan asing. Kapan pun pengalihan saham dilakukan untuk jaminan agunan, dan tidak mutlak, hal itu akan dinyatakan dalam masuknya transfer jika, jika sertifikat diserahkan ke perusahaan untuk saham yang dipindahkan atau tidak diverifikasi diminta untuk dipindahkan, baik pemindahan Dan penerima transfer meminta perusahaan untuk melakukannya. Sekte 160 Perusahaan berkewajiban untuk menghormati kepemilikan, pemungutan suara, dan lain-lain dari sahamnya sendiri yang diberi hak menuntut penebusan. (A) setiap perusahaan dapat membeli, menukarkan, menerima, mengambil atau memperoleh, memiliki dan menahan, menjual, meminjamkan, menukar, mentransfer atau melepaskan, menjamin, menggunakan dan sebaliknya berurusan dengan dan dengan sahamnya sendiri yang disediakan, bagaimanapun, bahwa Tidak ada perusahaan yang harus: (1) memperbaharui atau menebus sahamnya sendiri untuk modal atau properti lainnya ketika modal perusahaan mengalami kerugian atau ketika pembelian atau pelunasan tersebut akan menyebabkan kerugian modal perusahaan, kecuali korporasi Selain perusahaan nonstock dapat membeli atau menebus modal dari sahamnya sendiri yang berhak atas distribusi asetnya, baik dengan dividen atau likuidasi, untuk preferensi atas kelas atau rangkaian sahamnya yang lain, atau jika tidak ada Saham yang berhak atas preferensi semacam itu beredar, merupakan sahamnya sendiri, jika saham tersebut akan dihentikan pada saat akuisisi mereka dan modal korporasi dikurangi sesuai dengan sekte 243 dan 244 dari judul ini. Tidak ada ketentuan dalam ayat ini yang akan membuat atau membuat surat hutang, surat hutang atau kewajiban lain dari perusahaan yang dianggapnya tidak sah karena akuisisi, pembelian kembali atau pertukaran sahamnya jika pada saat surat hutang, surat hutang atau kewajiban tersebut disampaikan Oleh korporasi, modalnya tidak mengalami kerusakan atau karena itu tidak menjadi terganggu (2) pembelian secara keseluruhan, lebih dari harga dimana mereka dapat ditebus, setiap sahamnya dapat ditukarkan dengan opsi korporasi atau (3) A.ensp Dalam hal perusahaan selain perusahaan nonstock, menebus sahamnya, kecuali jika penebusan mereka diberi wewenang oleh sekte 151 (b) dari judul ini dan kemudian hanya sesuai dengan bagian tersebut dan sertifikat penggabungan, atau b .ensp Dalam kasus perusahaan nonstock, menebus salah satu kepentingan anggotanya, kecuali jika penebusan mereka diberi wewenang oleh sertifikat penggabungan dan kemudian hanya sesuai dengan sertifikat incor Porasi. (B) tidak menjamin bahwa dalam batas bagian ini atau mempengaruhi hak perusahaan untuk menjual kembali sahamnya sejak saat itu dibeli atau ditebus dari surplus dan belum dipecat, untuk pertimbangan sebagaimana ditetapkan oleh dewan direksi. (C) pembagian saham modalnya milik perusahaan atau ke perusahaan lain, jika sebagian besar saham yang berhak memberikan suara dalam pemilihan direktur perusahaan lain yang dimiliki baik secara langsung maupun tidak langsung oleh korporasi, tidak boleh menjadi Berhak memilih atau dihitung untuk tujuan kuorum. Tidak ada bagian ini yang dapat dianggap membatasi hak perusahaan manapun untuk memilih saham, termasuk namun tidak terbatas pada persediaan sendiri, dipegang olehnya dalam kapasitas fidusia. (D) enspShares yang telah dipanggil untuk penebusan tidak dianggap sebagai saham biasa untuk tujuan pemungutan suara atau penentuan jumlah saham yang berhak memberikan suara atas segala hal pada dan setelah tanggal pemberitahuan tertulis mengenai penebusan telah dikirim. Bagi pemegangnya dan jumlah yang cukup untuk menebus saham tersebut telah disimpan atau disetorkan secara tidak dapat ditarik kembali atau disisihkan untuk membayar harga penebusan kepada pemegang saham pada saat menyerahkan sertifikat tersebut. sect 161 Issuance of additional stock when and by whom. The directors may, at any time and from time to time, if all of the shares of capital stock which the corporation is authorized by its certificate of incorporation to issue have not been issued, subscribed for, or otherwise committed to be issued, issue or take subscriptions for additional shares of its capital stock up to the amount authorized in its certificate of incorporation. sect 162 Liability of stockholder or subscriber for stock not paid in full. (a)enspWhen the whole of the consideration payable for shares of a corporation has not been paid in, and the assets shall be insufficient to satisfy the claims of its creditors, each holder of or subscriber for such shares shall be bound to pay on each share held or subscribed for by such holder or subscriber the sum necessary to complete the amount of the unpaid balance of the consideration for which such shares were issued or are to be issued by the corporation. (b)enspThe amounts which shall be payable as provided in subsection (a) of this section may be recovered as provided in sect 325 of this title, after a writ of execution against the corporation has been returned unsatisfied as provided in said sect 325. (c)enspAny person becoming an assignee or transferee of shares or of a subscription for shares in good faith and without knowledge or notice that the full consideration therefor has not been paid shall not be personally liable for any unpaid portion of such consideration, but the transferor shall remain liable therefor. (d)enspNo person holding shares in any corporation as collateral security shall be personally liable as a stockholder but the person pledging such shares shall be considered the holder thereof and shall be so liable. No executor, administrator, guardian, trustee or other fiduciary shall be personally liable as a stockholder, but the estate or funds held by such executor, administrator, guardian, trustee or other fiduciary in such fiduciary capacity shall be liable. (e)enspNo liability under this section or under sect 325 of this title shall be asserted more than 6 years after the issuance of the stock or the date of the subscription upon which the assessment is sought. (f)enspIn any action by a receiver or trustee of an insolvent corporation or by a judgment creditor to obtain an assessment under this section, any stockholder or subscriber for stock of the insolvent corporation may appear and contest the claim or claims of such receiver or trustee. sect 163 Payment for stock not paid in full. The capital stock of a corporation shall be paid for in such amounts and at such times as the directors may require. The directors may, from time to time, demand payment, in respect of each share of stock not fully paid, of such sum of money as the necessities of the business may, in the judgment of the board of directors, require, not exceeding in the whole the balance remaining unpaid on said stock, and such sum so demanded shall be paid to the corporation at such times and by such installments as the directors shall direct. The directors shall give written notice of the time and place of such payments, which notice shall be mailed at least 30 days before the time for such payment, to each holder of or subscriber for stock which is not fully paid at such holders or subscribers last known post-office address. sect 164 Failure to pay for stock remedies. When any stockholder fails to pay any installment or call upon such stockholders stock which may have been properly demanded by the directors, at the time when such payment is due, the directors may collect the amount of any such installment or call or any balance thereof remaining unpaid, from the said stockholder by an action at law, or they shall sell at public sale such part of the shares of such delinquent stockholder as will pay all demands then due from such stockholder with interest and all incidental expenses, and shall transfer the shares so sold to the purchaser, who shall be entitled to a certificate therefor. Notice of the time and place of such sale and of the sum due on each share shall be given by advertisement at least 1 week before the sale, in a newspaper of the county in this State where such corporations registered office is located, and such notice shall be mailed by the corporation to such delinquent stockholder at such stockholders last known post-office address, at least 20 days before such sale. If no bidder can be had to pay the amount due on the stock, and if the amount is not collected by an action at law, which may be brought within the county where the corporation has its registered office, within 1 year from the date of the bringing of such action at law, the said stock and the amount previously paid in by the delinquent stockholder on the stock shall be forfeited to the corporation. sect 165 Revocability of preincorporation subscriptions. Unless otherwise provided by the terms of the subscription, a subscription for stock of a corporation to be formed shall be irrevocable, except with the consent of all other subscribers or the corporation, for a period of 6 months from its date. sect 166 Formalities required of stock subscriptions. A subscription for stock of a corporation, whether made before or after the formation of a corporation, shall not be enforceable against a subscriber, unless in writing and signed by the subscriber or by such subscribers agent. sect 167 Lost, stolen or destroyed stock certificates issuance of new certificate or uncertificated shares. A corporation may issue a new certificate of stock or uncertificated shares in place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed certificate, or such owners legal representative to give the corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares. sect 168 Judicial proceedings to compel issuance of new certificate or uncertificated shares. (a)enspIf a corporation refuses to issue new uncertificated shares or a new certificate of stock in place of a certificate theretofore issued by it, or by any corporation of which it is the lawful successor, alleged to have been lost, stolen or destroyed, the owner of the lost, stolen or destroyed certificate or such owners legal representatives may apply to the Court of Chancery for an order requiring the corporation to show cause why it should not issue new uncertificated shares or a new certificate of stock in place of the certificate so lost, stolen or destroyed. Such application shall be by a complaint which shall state the name of the corporation, the number and date of the certificate, if known or ascertainable by the plaintiff, the number of shares of stock represented thereby and to whom issued, and a statement of the circumstances attending such loss, theft or destruction. Thereupon the court shall make an order requiring the corporation to show cause at a time and place therein designated, why it should not issue new uncertificated shares or a new certificate of stock in place of the one described in the complaint. A copy of the complaint and order shall be served upon the corporation at least 5 days before the time designated in the order. (b)enspIf, upon hearing, the court is satisfied that the plaintiff is the lawful owner of the number of shares of capital stock, or any part thereof, described in the complaint, and that the certificate therefor has been lost, stolen or destroyed, and no sufficient cause has been shown why new uncertificated shares or a new certificate should not be issued in place thereof, it shall make an order requiring the corporation to issue and deliver to the plaintiff new uncertificated shares or a new certificate for such shares. In its order the court shall direct that, prior to the issuance and delivery to the plaintiff of such new uncertificated shares or a new certificate, the plaintiff give the corporation a bond in such form and with such security as to the court appears sufficient to indemnify the corporation against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new uncertificated shares or new certificate. No corporation which has issued uncertificated shares or a certificate pursuant to an order of the court entered hereunder shall be liable in an amount in excess of the amount specified in such bond. sect 169 Situs of ownership of stock. For all purposes of title, action, attachment, garnishment and jurisdiction of all courts held in this State, but not for the purpose of taxation, the situs of the ownership of the capital stock of all corporations existing under the laws of this State, whether organized under this chapter or otherwise, shall be regarded as in this State. sect 170 Dividends payment wasting asset corporations. (a)enspThe directors of every corporation, subject to any restrictions contained in its certificate of incorporation, may declare and pay dividends upon the shares of its capital stock either: (1)enspOut of its surplus, as defined in and computed in accordance with sectsect 154 and 244 of this title or (2)enspIn case there shall be no such surplus, out of its net profits for the fiscal year in which the dividend is declared andor the preceding fiscal year. If the capital of the corporation, computed in accordance with sectsect 154 and 244 of this title, shall have been diminished by depreciation in the value of its property, or by losses, or otherwise, to an amount less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes having a preference upon the distribution of assets, the directors of such corporation shall not declare and pay out of such net profits any dividends upon any shares of any classes of its capital stock until the deficiency in the amount of capital represented by the issued and outstanding stock of all classes having a preference upon the distribution of assets shall have been repaired. Nothing in this subsection shall invalidate or otherwise affect a note, debenture or other obligation of the corporation paid by it as a dividend on shares of its stock, or any payment made thereon, if at the time such note, debenture or obligation was delivered by the corporation, the corporation had either surplus or net profits as provided in (a)(1) or (2) of this section from which the dividend could lawfully have been paid. (b)enspSubject to any restrictions contained in its certificate of incorporation, the directors of any corporation engaged in the exploitation of wasting assets (including but not limited to a corporation engaged in the exploitation of natural resources or other wasting assets, including patents, or engaged primarily in the liquidation of specific assets) may determine the net profits derived from the exploitation of such wasting assets or the net proceeds derived from such liquidation without taking into consideration the depletion of such assets resulting from lapse of time, consumption, liquidation or exploitation of such assets. sect 171 Special purpose reserves. The directors of a corporation may set apart out of any of the funds of the corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve. sect 172 Liability of directors and committee members as to dividends or stock redemption. A member of the board of directors, or a member of any committee designated by the board of directors, shall be fully protected in relying in good faith upon the records of the corporation and upon such information, opinions, reports or statements presented to the corporation by any of its officers or employees, or committees of the board of directors, or by any other person as to matters the director reasonably believes are within such other persons professional or expert competence and who has been selected with reasonable care by or on behalf of the corporation, as to the value and amount of the assets, liabilities andor net profits of the corporation or any other facts pertinent to the existence and amount of surplus or other funds from which dividends might properly be declared and paid, or with which the corporations stock might properly be purchased or redeemed. sect 173 Declaration and payment of dividends. No corporation shall pay dividends except in accordance with this chapter. Dividends may be paid in cash, in property, or in shares of the corporations capital stock. If the dividend is to be paid in shares of the corporations theretofore unissued capital stock the board of directors shall, by resolution, direct that there be designated as capital in respect of such shares an amount which is not less than the aggregate par value of par value shares being declared as a dividend and, in the case of shares without par value being declared as a dividend, such amount as shall be determined by the board of directors. No such designation as capital shall be necessary if shares are being distributed by a corporation pursuant to a split-up or division of its stock rather than as payment of a dividend declared payable in stock of the corporation. sect 174 Liability of directors for unlawful payment of dividend or unlawful stock purchase or redemption exoneration from liability contribution among directors subrogation. (a)enspIn case of any wilful or negligent violation of sect 160 or sect 173 of this title, the directors under whose administration the same may happen shall be jointly and severally liable, at any time within 6 years after paying such unlawful dividend or after such unlawful stock purchase or redemption, to the corporation, and to its creditors in the event of its dissolution or insolvency, to the full amount of the dividend unlawfully paid, or to the full amount unlawfully paid for the purchase or redemption of the corporations stock, with interest from the time such liability accrued. Any director who may have been absent when the same was done, or who may have dissented from the act or resolution by which the same was done, may be exonerated from such liability by causing his or her dissent to be entered on the books containing the minutes of the proceedings of the directors at the time the same was done, or immediately after such director has notice of the same. (b)enspAny director against whom a claim is successfully asserted under this section shall be entitled to contribution from the other directors who voted for or concurred in the unlawful dividend, stock purchase or stock redemption. (c)enspAny director against whom a claim is successfully asserted under this section shall be entitled, to the extent of the amount paid by such director as a result of such claim, to be subrogated to the rights of the corporation against stockholders who received the dividend on, or assets for the sale or redemption of, their stock with knowledge of facts indicating that such dividend, stock purchase or redemption was unlawful under this chapter, in proportion to the amounts received by such stockholders respectively. Site FooterState of Delaware - Search and ServicesInformation Corporations Subchapter I. Formation sect 101 Incorporators how corporation formed purposes. (a)enspAny person, partnership, association or corporation, singly or jointly with others, and without regard to such persons or entitys residence, domicile or state of incorporation, may incorporate or organize a corporation under this chapter by filing with the Division of Corporations in the Department of State a certificate of incorporation which shall be executed, acknowledged and filed in accordance with sect 103 of this title. (b)enspA corporation may be incorporated or organized under this chapter to conduct or promote any lawful business or purposes, except as may otherwise be provided by the Constitution or other law of this State. (c)enspCorporations for constructing, maintaining and operating public utilities, whether in or outside of this State, may be organized under this chapter, but corporations for constructing, maintaining and operating public utilities within this State shall be subject to, in addition to this chapter, the special provisions and requirements of Title 26 applicable to such corporations. sect 102 Contents of certificate of incorporation. (a)enspThe certificate of incorporation shall set forth: (1)enspThe name of the corporation, which (i) shall contain 1 of the words association, company, corporation, club, foundation, fund, incorporated, institute, society, union, syndicate, or limited, (or abbreviations thereof, with or without punctuation), or words (or abbreviations thereof, with or without punctuation) of like import of foreign countries or jurisdictions (provided they are written in roman characters or letters) provided, however, that the Division of Corporations in the Department of State may waive such requirement (unless it determines that such name is, or might otherwise appear to be, that of a natural person) if such corporation executes, acknowledges and files with the Secretary of State in accordance with sect 103 of this title a certificate stating that its total assets, as defined in sect 503(i) of this title, are not less than 10,000,000, or, in the sole discretion of the Division of Corporations in the Department of State, if the corporation is both a nonprofit nonstock corporation and an association of professionals, (ii) shall be such as to distinguish it upon the records in the office of the Division of Corporations in the Department of State from the names that are reserved on such records and from the names on such records of each other corporation, partnership, limited partnership, limited liability company or statutory trust organized or registered as a domestic or foreign corporation, partnership, limited partnership, limited liability company or statutory trust under the laws of this State, except with the written consent of the person who has reserved such name or such other foreign corporation or domestic or foreign partnership, limited partnership, limited liability company or statutory trust, executed, acknowledged and filed with the Secretary of State in accordance with sect 103 of this title, or except that, without prejudicing any rights of the person who has reserve d such name or such other foreign corporation or domestic or foreign partnership, limited partnership, limited liability company or statutory trust, the Division of Corporations in the Department of State may waive such requirement if the corporation demonstrates to the satisfaction of the Secretary of State that the corporation or a predecessor entity previously has made substantial use of such name or a substantially similar name, that the corporation has made reasonable efforts to secure such written consent, and that such waiver is in the interest of the State, (iii) except as permitted by sect 395 of this title, shall not contain the word trust, and (iv) shall not contain the word bank, or any variation thereof, except for the name of a bank reporting to and under the supervision of the State Bank Commissioner of this State or a subsidiary of a bank or savings association (as those terms are defined in the Federal Deposit Insurance Act, as amended, at 12 U.S.C. sect 1813), or a corporation regulated under the Bank Holding Company Act of 1956, as amended, 12 U.S.C. sect 1841 et seq. or the Home Owners Loan Act, as amended, 12 U.S.C. sect 1461 et seq. provided, however, that this section shall not be construed to prevent the use of the word bank, or any variation thereof, in a context clearly not purporting to refer to a banking business or otherwise likely to mislead the public about the nature of the business of the corporation or to lead to a pattern and practice of abuse that might cause harm to the interests of the public or the State as determined by the Division of Corporations in the Department of State (2)enspThe address (which shall be stated in accordance with sect 131(c) of this title) of the corporations registered office in this State, and the name of its registered agent at such address (3)enspThe nature of the business or purposes to be conducted or promoted. It shall be sufficient to state, either alone or with other businesses or purposes, that the purpose of the corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware, and by such statement all lawful acts and activities shall be within the purposes of the corporation, except for express limitations, if any (4)enspIf the corporation is to be authorized to issue only 1 class of stock, the total number of shares of stock which the corporation shall have authority to issue and the par value of each of such shares, or a statement that all such shares are to be without par value. If the corporation is to be authorized to issue more than 1 class of stock, the certificate of incorporation shall set forth the total number of shares of all classes of stock which the corporation shall have authority to issue and the number of shares of each class and shall specify each class the shares of which are to be without par value and each class the shares of which are to have par value and the par value of the shares of each such class. The certificate of incorporation shall also set forth a statement of the designations and the powers, preferences and rights, and the qualifications, limitations or restrictions thereof, which are permitted by sect 151 of this title in respect of any class or classes of stock or any series of any class of stock of the corporation and the fixing of which by the certificate of incorporation is desired, and an express grant of such authority as it may then be desired to grant to the board of directors to fix by resolution or resolutions any thereof that may be desired but which shall not be fixed by the certificate of incorporation. The foregoing provisions of this paragraph shall not apply to nonstock corporations. In the case of nonstock corporations, the fact that they are not authorized to issue capital stock shall be stated in the certificate of incorporation. The conditions of membership, or other criteria for identifying members, of nonstock corporations shall likewise be stated in the certificate of incorporation or the bylaws. Nonstock corporations shall have members, but failure to have members shall not affect otherwise valid corporate acts or work a forfeiture or dissolution of the corporation. Nonstock corporations may provide for classes or groups of members having relative rights, powers and duties, and may make provision for the future creation of additional classes or groups of members having such relative rights, powers and duties as may from time to time be established, including rights, powers and duties senior to existing classes and groups of members. Except as otherwise provided in this chapter, nonstock corporations may also provide that any member or class or group of members shall have full, limited, or no voting rights or powers, including that any member or class or group of members shall have the right to vote on a specified transaction even if that member or class or group of members does not have the right to vote for the election of the members of the governing body of the corporation. Voting by members of a nonstock corporation may be on a per capita, number, financial interest, class, group, or any other basis set forth. The provisions referred to in the 3 preceding sentences may be set forth in the certificate of incorporation or the bylaws. If neither the certificate of incorporation nor the bylaws of a nonstock corporation state the conditions of membership, or other criteria for identifying members, the members of the corporation shall be deemed to be those entitled to vote for the election of the members of the governing body pursuant to the certificate of incorporation or bylaws of such corporation or otherwise until thereafter otherwise provided by the certificate of incorporation or the bylaws (5)enspThe name and mailing address of the incorporator or incorporators (6)enspIf the powers of the incorporator or incorporators are to terminate upon the filing of the certificate of incorporation, the names and mailing addresses of the persons who are to serve as directors until the first annual meeting of stockholders or until their successors are elected and qualify. (b)enspIn addition to the matters required to be set forth in the certificate of incorporation by subsection (a) of this section, the certificate of incorporation may also contain any or all of the following matters: (1)enspAny provision for the management of the business and for the conduct of the affairs of the corporation, and any provision creating, defining, limiting and regulating the powers of the corporation, the directors, and the stockholders, or any class of the stockholders, or the governing body, members, or any class or group of members of a nonstock corporation if such provisions are not contrary to the laws of this State. Any provision which is required or permitted by any section of this chapter to be stated in the bylaws may instead be stated in the certificate of incorporation (2)enspThe following provisions, in haec verba, (i), for a corporation other than a nonstock corporation, viz: Whenever a compromise or arrangement is proposed between this corporation and its creditors or any class of them andor between this corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers appointed for this corporation under sect 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or receivers appointed for this corporation under sect 279 of Title 8 of the Delaware Code order a meeting of the creditors or class of creditors, andor of the stockholders or class of stockholders of this corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three fourths in value of the creditors or class of creditors, andor of the stockholders or class of stockholders of this corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this corporation as consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, andor on all the stockholders or class of stockholders, of this corporation, as the case may be, and also on this corporation or (ii), for a nonstock corporation, viz: Whenever a compromise or arrangement is proposed between this corporation and its creditors or any class of them andor between this corporation and its members or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this corporation or of any creditor or member thereof or on the application of any receiver or receivers appointed for this corporation under sect 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or receivers appointed for this corporation under sect 279 of Title 8 of the Delaware Code order a meeting of the creditors or class of creditors, andor of the members or class of members of this corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three fourths in value of the creditors or class of creditors, andor of the members or class of members of this corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this corporation as consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, andor on all the members or class of members, of this corporation, as the case may be, and also on this corporation (3)enspSuch provisions as may be desired granting to the holders of the stock of the corporation, or the holders of any class or series of a class thereof, the preemptive right to subscribe to any or all additional issues of stock of the corporation of any or all classes or series thereof, or to any securities of the corporation convertible into such stock. No stockholder shall have any preemptive right to subscribe to an additional issue of stock or to any security convertible into such stock unless, and except to the extent that, such right is expressly granted to such stockholder in the certificate of incorporation. All such rights in existence on July 3, 1967, shall remain in existence unaffected by this paragraph unless and until changed or terminated by appropriate action which expressly provides for the change or termination (4)enspProvisions requiring for any corporate action, the vote of a larger portion of the stock or of any class or series thereof, or of any other securities having voting power, or a larger number of the directors, than is required by this chapter (5)enspA provision limiting the duration of the corporations existence to a specified date otherwise, the corporation shall have perpetual existence (6)enspA provision imposing personal liability for the debts of the corporation on its stockholders to a specified extent and upon specified conditions otherwise, the stockholders of a corporation shall not be personally liable for the payment of the corporations debts except as they may be liable by reason of their own conduct or acts (7)enspA provision eliminating or limiting the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided that such provision shall not eliminate or limit the liability of a director: (i) For any breach of the directors duty of loyalty to the corporation or its stockholders (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law (iii) under sect 174 of this title or (iv) for any transaction from which the director derived an improper personal benefit. No such provision shall eliminate or limit the liability of a director for any act or omission occurring prior to the date when such provision becomes effective. All references in this paragraph to a director shall also be deemed to refer to such other person or persons, if any, who, pursuant to a provision of the certificate of incorporation in accordance with sect 141(a) of this title, exercise or perform any of the powers or duties otherwise conferred or imposed upon the board of directors by this title. (c)enspIt shall not be necessary to set forth in the certificate of incorporation any of the powers conferred on corporations by this chapter. (d)enspExcept for provisions included pursuant to paragraphs (a)(1), (a)(2), (a)(5), (a)(6), (b)(2), (b)(5), (b)(7) of this section, and provisions included pursuant to paragraph (a)(4) of this section specifying the classes, number of shares, and par value of shares a corporation other than a nonstock corporation is authorized to issue, any provision of the certificate of incorporation may be made dependent upon facts ascertainable outside such instrument, provided that the manner in which such facts shall operate upon the provision is clearly and explicitly set forth therein. The term facts, as used in this subsection, includes, but is not limited to, the occurrence of any event, including a determination or action by any person or body, including the corporation. (e)enspThe exclusive right to the use of a name that is available for use by a domestic or foreign corporation may be reserved by or on behalf of: (1)enspAny person intending to incorporate or organize a corporation with that name under this chapter or contemplating such incorporation or organization (2)enspAny domestic corporation or any foreign corporation qualified to do business in the State of Delaware, in either case, intending to change its name or contemplating such a change (3)enspAny foreign corporation intending to qualify to do business in the State of Delaware and adopt that name or contemplating such qualification and adoption and (4)enspAny person intending to organize a foreign corporation and have it qualify to do business in the State of Delaware and adopt that name or contemplating such organization, qualification and adoption. The reservation of a specified name may be made by filing with the Secretary of State an application, executed by the applicant, certifying that the reservation is made by or on behalf of a domestic corporation, foreign corporation or other person described in paragraphs (e)(1)-(4) of this section above, and specifying the name to be reserved and the name and address of the applicant. If the Secretary of State finds that the name is available for use by a domestic or foreign corporation, the Secretary shall reserve the name for the use of the applicant for a period of 120 days. The same applicant may renew for successive 120-day periods a reservation of a specified name by filing with the Secretary of State, prior to the expiration of such reservation (or renewal thereof), an application for renewal of such reservation, executed by the applicant, certifying that the reservation is renewed by or on behalf of a domestic corporation, foreign corporation or other person described in paragraphs (e)(1)-(4) of this section above and specifying the name reservation to be renewed and the name and address of the applicant. The right to the exclusive use of a reserved name may be transferred to any other person by filing in the office of the Secretary of State a notice of the transfer, executed by the applicant for whom the name was reserved, specifying the name reservation to be transferred and the name and address of the transferee. The reservation of a specified name may be cancelled by filing with the Secretary of State a notice of cancellation, executed by the applicant or transferee, specifying the name reservation to be cancelled and the name and address of the applicant or transferee. Unless the Secretary of State finds that any application, application for renewal, notice of transfer, or notice of cancellation filed with the Secretary of State as required by this subsection does not conform to law, upon receipt of all filing fees required by law the Secretary of State shall prepare and return to the person who filed such instrument a copy of the filed instrument with a notation thereon of the action taken by the Secretary of State. A fee as set forth in sect 391 of this title shall be paid at the time of the reservation of any name, at the time of the renewal of any such reservation and at the time of the filing of a notice of the transfer or cancellation of any such reservation. (f)enspThe certificate of incorporation may not contain any provision that would impose liability on a stockholder for the attorneys fees or expenses of the corporation or any other party in connection with an internal corporate claim, as defined in sect 115 of this title. sect 103 Execution, acknowledgment, filing, recording and effective date of original certificate of incorporation and other instruments exceptions. (a)enspWhenever any instrument is to be filed with the Secretary of State or in accordance with this section or chapter, such instrument shall be executed as follows: (1)enspThe certificate of incorporation, and any other instrument to be filed before the election of the initial board of directors if the initial directors were not named in the certificate of incorporation, shall be signed by the incorporator or incorporators (or, in the case of any such other instrument, such incorporators or incorporators successors and assigns). If any incorporator is not available then any such other instrument may be signed, with the same effect as if such incorporator had signed it, by any person for whom or on whose behalf such incorporator, in executing the certificate of incorporation, was acting directly or indirectly as employee or agent, provided that such other instrument shall state that such incorporator is not available and the reason therefor, that such incorporator in executing the certificate of incorporation was acting directly or indirectly as employee or agent for or on behalf of such person, and that such persons signature on such instrument is otherwise authorized and not wrongful. (2)enspAll other instruments shall be signed: a.enspBy any authorized officer of the corporation or b.enspIf it shall appear from the instrument that there are no such officers, then by a majority of the directors or by such directors as may be designated by the board or c.enspIf it shall appear from the instrument that there are no such officers or directors, then by the holders of record, or such of them as may be designated by the holders of record, of a majority of all outstanding shares of stock or d.enspBy the holders of record of all outstanding shares of stock. (b)enspWhenever this chapter requires any instrument to be acknowledged, such requirement is satisfied by either: (1)enspThe formal acknowledgment by the person or 1 of the persons signing the instrument that it is such persons act and deed or the act and deed of the corporation, and that the facts stated therein are true. Such acknowledgment shall be made before a person who is authorized by the law of the place of execution to take acknowledgments of deeds. If such person has a seal of office such person shall affix it to the instrument. (2)enspThe signature, without more, of the person or persons signing the instrument, in which case such signature or signatures shall constitute the affirmation or acknowledgment of the signatory, under penalties of perjury, that the instrument is such persons act and deed or the act and deed of the corporation, and that the facts stated therein are true. (c)enspWhenever any instrument is to be filed with the Secretary of State or in accordance with this section or chapter, such requirement means that: (1)enspThe signed instrument shall be delivered to the office of the Secretary of State (2)enspAll taxes and fees authorized by law to be collected by the Secretary of State in connection with the filing of the instrument shall be tendered to the Secretary of State and (3)enspUpon delivery of the instrument, the Secretary of State shall record the date and time of its delivery. Upon such delivery and tender of the required taxes and fees, the Secretary of State shall certify that the instrument has been filed in the Secretary of States office by endorsing upon the signed instrument the word Filed, and the date and time of its filing. This endorsement is the filing date of the instrument, and is conclusive of the date and time of its filing in the absence of actual fraud. The Secretary of State shall file and index the endorsed instrument. Except as provided in paragraph (c)(4) of this section and in subsection (i) of this section, such filing date of an instrument shall be the date and time of delivery of the instrument. (4)enspUpon request made upon or prior to delivery, the Secretary of State may, to the extent deemed practicable, establish as the filing date of an instrument a date and time after its delivery. If the Secretary of State refuses to file any instrument due to an error, omission or other imperfection, the Secretary of State may hold such instrument in suspension, and in such event, upon delivery of a replacement instrument in proper form for filing and tender of the required taxes and fees within 5 business days after notice of such suspension is given to the filer, the Secretary of State shall establish as the filing date of such instrument the date and time that would have been the filing date of the rejected instrument had it been accepted for filing. The Secretary of State shall not issue a certificate of good standing with respect to any corporation with an instrument held in suspension pursuant to this subsection. The Secretary of State may establish as the filing date of an instrument the date and time at which information from such instrument is entered pursuant to paragraph (c)(8) of this section if such instrument is delivered on the same date and within 4 hours after such information is entered. (5)enspThe Secretary of State, acting as agent for the recorders of each of the counties, shall collect and deposit in a separate account established exclusively for that purpose a county assessment fee with respect to each filed instrument and shall thereafter weekly remit from such account to the recorder of each of the said counties the amount or amounts of such fees as provided for in paragraph (c)(6) of this section or as elsewhere provided by law. Said fees shall be for the purposes of defraying certain costs incurred by the counties in merging the information and images of such filed documents with the document information systems of each of the recorders offices in the counties and in retrieving, maintaining and displaying such information and images in the offices of the recorders and at remote locations in each of such counties. In consideration for its acting as the agent for the recorders with respect to the collection and payment of the county assessment fees, the Secretary of State shall retain and pay over to the General Fund of the State an administrative charge of 1 percent of the total fees collected. (6)enspThe assessment fee to the counties shall be 24 for each 1-page instrument filed with the Secretary of State in accordance with this section and 9.00 for each additional page for instruments with more than 1 page. The recorders office to receive the assessment fee shall be the recorders office in the county in which the corporations registered office in this State is, or is to be, located, except that an assessment fee shall not be charged for either a certificate of dissolution qualifying for treatment under sect 391(a)(5)b. of this title or a document filed in accordance with subchapter XVI of this chapter. (7)enspThe 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 sect 301 of Title 10. 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 sect 301 of Title 10 in the county in which the corporations 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 sect 391(a)(5)b. of this title, a resignation of agent without appointment of a successor under sect 136 of this title, or a document filed in accordance with subchapter XVI of this chapter. (8)enspThe Secretary of State shall cause to be entered such information from each instrument as the Secretary of State deems appropriate into the Delaware Corporation Information System or any system which is a successor thereto in the office of the Secretary of State, and such information and a copy of each such instrument shall be permanently maintained as a public record on a suitable medium. The Secretary of State is authorized to grant direct access to such system to registered agents subject to the execution of an operating agreement between the Secretary of State and such registered agent. Any registered agent granted such access shall demonstrate the existence of policies to ensure that information entered into the system accurately reflects the content of instruments in the possession of the registered agent at the time of entry. (d)enspAny instrument filed in accordance with subsection (c) of this section shall be effective upon its filing date. Any instrument may provide that it is not to become effective until a specified time subsequent to the time it is filed, but such time shall not be later than a time on the ninetieth day after the date of its filing. If any instrument filed in accordance with subsection (c) of this section provides for a future effective date or time and if the transaction is terminated or its terms are amended to change the future effective date or time prior to the future effective date or time, the instrument shall be terminated or amended by the filing, prior to the future effective date or time set forth in such instrument, of a certificate of termination or amendment of the original instrument, executed in accordance with subsection (a) of this section, which shall identify the instrument which has been terminated or amended and shall state that the instrument has been terminated or the manner in which it has been amended. (e)enspIf another section of this chapter specifically prescribes a manner of executing, acknowledging or filing a specified instrument or a time when such instrument shall become effective which differs from the corresponding provisions of this section, then such other section shall govern. (f)enspWhenever any instrument authorized to be filed with the Secretary of State under any provision of this title, has been so filed and is an inaccurate record of the corporate action therein referred to, or was defectively or erroneously executed, sealed or acknowledged, the instrument may be corrected by filing with the Secretary of State a certificate of correction of the instrument which shall be executed, acknowledged and filed in accordance with this section. The certificate of correction shall specify the inaccuracy or defect to be corrected and shall set forth the portion of the instrument in corrected form. In lieu of filing a certificate of correction the instrument may be corrected by filing with the Secretary of State a corrected instrument which shall be executed, acknowledged and filed in accordance with this section. The corrected instrument shall be specifically designated as such in its heading, shall specify the inaccuracy or defect to be corrected, and shall set forth the entire instrument in corrected form. An instrument corrected in accordance with this section shall be effective as of the date the original instrument was filed, except as to those persons who are substantially and adversely affected by the correction and as to those persons the instrument as corrected shall be effective from the filing date. (g)enspNotwithstanding that any instrument authorized to be filed with the Secretary of State under this title is when filed inaccurately, defectively or erroneously executed, sealed or acknowledged, or otherwise defective in any respect, the Secretary of State shall have no liability to any person for the preclearance for filing, the acceptance for filing or the filing and indexing of such instrument by the Secretary of State. (h)enspAny signature on any instrument authorized to be filed with the Secretary of State under this title may be a facsimile, a conformed signature or an electronically transmitted signature. a.enspTogether with the actual delivery of an instrument and tender of the required taxes and fees, there is delivered to the Secretary of State a separate affidavit (which in its heading shall be designated as an affidavit of extraordinary condition) attesting, on the basis of personal knowledge of the affiant or a reliable source of knowledge identified in the affidavit, that an earlier effort to deliver such instrument and tender such taxes and fees was made in good faith, specifying the nature, date and time of such good faith effort and requesting that the Secretary of State establish such date and time as the filing date of such instrument or b.enspUpon the actual delivery of an instrument and tender of the required taxes and fees, the Secretary of State in the Secretarys discretion provides a written waiver of the requirement for such an affidavit stating that it appears to the Secretary of State that an earlier effort to deliver such instrument and tender such taxes and fees wa s made in good faith and specifying the date and time of such effort and c.enspThe Secretary of State determines that an extraordinary condition existed at such date and time, that such earlier effort was unsuccessful as a result of the existence of such extraordinary condition, and that such actual delivery and tender were made within a reasonable period (not to exceed 2 business days) after the cessation of such extraordinary condition, then the Secretary of State may establish such date and time as the filing date of such instrument. No fee shall be paid to the Secretary of State for receiving an affidavit of extraordinary condition. (2)enspFor purposes of this subsection, an extraordinary condition means: any emergency resulting from an attack on, invasion or occupation by foreign military forces of, or disaster, catastrophe, war or other armed conflict, revolution or insurrection, or rioting or civil commotion in, the United States or a locality in which the Secretary of State conducts its business or in which the good faith effort to deliver the instrument and tender the required taxes and fees is made, or the immediate threat of any of the foregoing or any malfunction or outage of the electrical or telephone service to the Secretary of States office, or weather or other condition in or about a locality in which the Secretary of State conducts its business, as a result of which the Secretary of States office is not open for the purpose of the filing of instruments under this chapter or such filing cannot be effected without extraordinary effort. The Secretary of State may require such proof as it deems necessary to make the determination required under paragraph (i)(1)c. of this section, and any such determination shall be conclusive in the absence of actual fraud. (3)enspIf the Secretary of State establishes the filing date of an instrument pursuant to this subsection, the date and time of delivery of the affidavit of extraordinary condition or the date and time of the Secretary of States written waiver of such affidavit shall be endorsed on such affidavit or waiver and such affidavit or waiver, so endorsed, shall be attached to the filed instrument to which it relates. Such filed instrument shall be effective as of the date and time established as the filing date by the Secretary of State pursuant to this subsection, except as to those persons who are substantially and adversely affected by such establishment and, as to those persons, the instrument shall be effective from the date and time endorsed on the affidavit of extraordinary condition or written waiver attached thereto. (j)enspNotwithstanding any other provision of this chapter, it shall not be necessary for any corporation to amend its certificate of incorporation, or any other document, that has been filed prior to August 1, 2011, to comply with sect 131(c) of this title, provided that any certificate or other document filed under this chapter on or after August 1, 2011, and changing the address of a registered office shall comply with sect 131(c) of this title. sect 104 Certificate of incorporation definition. The term certificate of incorporation, as used in this chapter, unless the context requires otherwise, includes not only the original certificate of incorporation filed to create a corporation but also all other certificates, agreements of merger or consolidation, plans of reorganization, or other instruments, howsoever designated, which are filed pursuant to sect 102, sectsect 133-136, sect 151, sectsect 241-243, sect 245, sectsect 251-258, sectsect 263-264, sect 267, sect 303, sectsect 311-313, or any other section of this title, and which have the effect of amending or supplementing in some respect a corporations certificate of incorporation. sect 105 Certificate of incorporation and other certificates evidence. A copy of a certificate of incorporation, or a restated certificate of incorporation, or of any other certificate which has been filed in the office of the Secretary of State as required by any provision of this title shall, when duly certified by the Secretary of State, be received in all courts, public offices and official bodies as prima facie evidence of: (1)enspDue execution, acknowledgment and filing of the instrument (2)enspObservance and performance of all acts and conditions necessary to have been observed and performed precedent to the instrument becoming effective and (3)enspAny other facts required or permitted by law to be stated in the instrument. sect 106 Commencement of corporate existence. Upon the filing with the Secretary of State of the certificate of incorporation, executed and acknowledged in accordance with sect 103 of this title, the incorporator or incorporators who signed the certificate, and such incorporators or incorporators successors and assigns, shall, from the date of such filing, be and constitute a body corporate, by the name set forth in the certificate, subject to sect 103(d) of this title and subject to dissolution or other termination of its existence as provided in this chapter. sect 107 Powers of incorporators. If the persons who are to serve as directors until the first annual meeting of stockholders have not been named in the certificate of incorporation, the incorporator or incorporators, until the directors are elected, shall manage the affairs of the corporation and may do whatever is necessary and proper to perfect the organization of the corporation, including the adoption of the original bylaws of the corporation and the election of directors. sect 108 Organization meeting of incorporators or directors named in certificate of incorporation. (a)enspAfter the filing of the certificate of incorporation an organization meeting of the incorporator or incorporators, or of the board of directors if the initial directors were named in the certificate of incorporation, shall be held, either within or without this State, at the call of a majority of the incorporators or directors, as the case may be, for the purposes of adopting bylaws, electing directors (if the meeting is of the incorporators) to serve or hold office until the first annual meeting of stockholders or until their successors are elected and qualify, electing officers if the meeting is of the directors, doing any other or further acts to perfect the organization of the corporation, and transacting such other business as may come before the meeting. (b)enspThe persons calling the meeting shall give to each other incorporator or director, as the case may be, at least 2 days written notice thereof by any usual means of communication, which notice shall state the time, place and purposes of the meeting as fixed by the persons calling it. Notice of the meeting need not be given to anyone who attends the meeting or who signs a waiver of notice either before or after the meeting. (c)enspAny action permitted to be taken at the organization meeting of the incorporators or directors, as the case may be, may be taken without a meeting if each incorporator or director, where there is more than 1, or the sole incorporator or director where there is only 1, signs an instrument which states the action so taken. (d)enspIf any incorporator is not available to act, then any person for whom or on whose behalf the incorporator was acting directly or indirectly as employee or agent, may take any action that such incorporator would have been authorized to take under this section or sect 107 of this title provided that any instrument signed by such other person, or any record of the proceedings of a meeting in which such person participated, shall state that such incorporator is not available and the reason therefor, that such incorporator was acting directly or indirectly as employee or agent for or on behalf of such person, and that such persons signature on such instrument or participation in such meeting is otherwise authorized and not wrongful. sect 109 Bylaws. (a)enspThe original or other bylaws of a corporation may be adopted, amended or repealed by the incorporators, by the initial directors of a corporation other than a nonstock corporation or initial members of the governing body of a nonstock corporation if they were named in the certificate of incorporation, or, before a corporation other than a nonstock corporation has received any payment for any of its stock, by its board of directors. After a corporation other than a nonstock corporation has received any payment for any of its stock, the power to adopt, amend or repeal bylaws shall be in the stockholders entitled to vote. In the case of a nonstock corporation, the power to adopt, amend or repeal bylaws shall be in its members entitled to vote. Notwithstanding the foregoing, any corporation may, in its certificate of incorporation, confer the power to adopt, amend or repeal bylaws upon the directors or, in the case of a nonstock corporation, upon its governing body. The fact that such power has been so conferred upon the directors or governing body, as the case may be, shall not divest the stockholders or members of the power, nor limit their power to adopt, amend or repeal bylaws. (b)enspThe bylaws may contain any provision, not inconsistent with law or with the certificate of incorporation, relating to the business of the corporation, the conduct of its affairs, and its rights or powers or the rights or powers of its stockholders, directors, officers or employees. The bylaws may not contain any provision that would impose liability on a stockholder for the attorneys fees or expenses of the corporation or any other party in connection with an internal corporate claim, as defined in sect 115 of this title. sect 110 Emergency bylaws and other powers in emergency. (a)enspThe board of directors of any corporation may adopt emergency bylaws, subject to repeal or change by action of the stockholders, which shall notwithstanding any different provision elsewhere in this chapter or in Chapters 3 repealed and 5 repealed of Title 26, or in Chapter 7 of Title 5, or in the certificate of incorporation or bylaws, be operative during any emergency resulting from an attack on the United States or on a locality in which the corporation conducts its business or customarily holds meetings of its board of directors or its stockholders, or during any nuclear or atomic disaster, or during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the board of directors or a standing committee thereof cannot readily be convened for action. The emergency bylaws may make any provision that may be practical and necessary for the circumstances of the emergency, including provisions that: (1)enspA meeting of the board of directors or a committee thereof may be called by any officer or director in such manner and under such conditions as shall be prescribed in the emergency bylaws (2)enspThe director or directors in attendance at the meeting, or any greater number fixed by the emergency bylaws, shall constitute a quorum and (3)enspThe officers or other persons designated on a list approved by the board of directors before the emergency, all in such order of priority and subject to such conditions and for such period of time (not longer than reasonably necessary after the termination of the emergency) as may be provided in the emergency bylaws or in the resolution approving the list, shall, to the extent required to provide a quorum at any meeting of the board of directors, be deemed directors for such meeting. (b)enspThe board of directors, either before or during any such emergency, may provide, and from time to time modify, lines of succession in the event that during such emergency any or all officers or agents of the corporation shall for any reason be rendered incapable of discharging their duties. (c)enspThe board of directors, either before or during any such emergency, may, effective in the emergency, change the head office or designate several alternative head offices or regional offices, or authorize the officers so to do. (d)enspNo officer, director or employee acting in accordance with any emergency bylaws shall be liable except for wilful misconduct. (e)enspTo the extent not inconsistent with any emergency bylaws so adopted, the bylaws of the corporation shall remain in effect during any emergency and upon its termination the emergency bylaws shall cease to be operative. (f)enspUnless otherwise provided in emergency bylaws, notice of any meeting of the board of directors during such an emergency may be given only to such of the directors as it may be feasible to reach at the time and by such means as may be feasible at the time, including publication or radio. (g)enspTo the extent required to constitute a quorum at any meeting of the board of directors during such an emergency, the officers of the corporation who are present shall, unless otherwise provided in emergency bylaws, be deemed, in order of rank and within the same rank in order of seniority, directors for such meeting. (h)enspNothing contained in this section shall be deemed exclusive of any other provisions for emergency powers consistent with other sections of this title which have been or may be adopted by corporations created under this chapter. sect 111 Jurisdiction to interpret, apply, enforce or determine the validity of corporate instruments and provisions of this title For application of this section, see 80 Del. Laws, c. 265, sect 17 (a)enspAny civil action to interpret, apply, enforce or determine the validity of the provisions of: (1)enspThe certificate of incorporation or the bylaws of a corporation (2)enspAny instrument, document or agreement (i) by which a corporation creates or sells, or offers to create or sell, any of its stock, or any rights or options respecting its stock, or (ii) to which a corporation and 1 or more holders of its stock are parties, and pursuant to which any such holder or holders sell or offer to sell any of such stock, or (iii) by which a corporation agrees to sell, lease or exchange any of its property or assets, and which by its terms provides that 1 or more holders of its stock approve of or consent to such sale, lease or exchange (3)enspAny written restrictions on the transfer, registration of transfer or ownership of securities under sect 202 of this title (4)enspAny proxy under sect 212 or sect 215 of this title (5)enspAny voting trust or other voting agreement under sect 218 of this title (6)enspAny agreement, certificate of merger or consolidation, or certificate of ownership and merger governed by sectsect 251-253, sectsect 255-258, sectsect 263-264, or sect 267 of this title (7)enspAny certificate of conversion under sect 265 or sect 266 of this title (8)enspAny certificate of domestication, transfer or continuance under sect 388, sect 389 or sect 390 of this title or (9)enspAny other instrument, document, agreement, or certificate required by any provision of this title may be brought in the Court of Chancery, except to the extent that a statute confers exclusive jurisdiction on a court, agency or tribunal other than the Court of Chancery. (b)enspAny civil action to interpret, apply or enforce any provision of this title may be brought in the Court of Chancery. sect 112 Access to proxy solicitation materials. The bylaws may provide that if the corporation solicits proxies with respect to an election of directors, it may be required, to the extent and subject to such procedures or conditions as may be provided in the bylaws, to include in its proxy solicitation materials (including any form of proxy it distributes), in addition to individuals nominated by the board of directors, 1 or more individuals nominated by a stockholder. Such procedures or conditions may include any of the following: (1)enspA provision requiring a minimum record or beneficial ownership, or duration of ownership, of shares of the corporations capital stock, by the nominating stockholder, and defining beneficial ownership to take into account options or other rights in respect of or related to such stock (2)enspA provision requiring the nominating stockholder to submit specified information concerning the stockholder and the stockholders nominees, including information concerning ownership by such persons of shares of the corporations capital stock, or options or other rights in respect of or related to such stock (3)enspA provision conditioning eligibility to require inclusion in the corporations proxy solicitation materials upon the number or proportion of directors nominated by stockholders or whether the stockholder previously sought to require such inclusion (4)enspA provision precluding nominations by any person if such person, any nominee of such person, or any affiliate or associate of such person or nominee, has acquired or publicly proposed to acquire shares constituting a specified percentage of the voting power of the corporations outstanding voting stock within a specified period before the election of directors (5)enspA provision requiring that the nominating stockholder undertake to indemnify the corporation in respect of any loss arising as a result of any false or misleading information or statement submitted by the nominating stockholder in connection with a nomination and (6)enspAny other lawful condition. sect 113 Proxy expense reimbursement. (a)enspThe bylaws may provide for the reimbursement by the corporation of expenses incurred by a stockholder in soliciting proxies in connection with an election of directors, subject to such procedures or conditions as the bylaws may prescribe, including: (1)enspConditioning eligibility for reimbursement upon the number or proportion of persons nominated by the stockholder seeking reimbursement or whether such stockholder previously sought reimbursement for similar expenses (2)enspLimitations on the amount of reimbursement based upon the proportion of votes cast in favor of 1 or more of the persons nominated by the stockholder seeking reimbursement, or upon the amount spent by the corporation in soliciting proxies in connection with the election (3)enspLimitations concerning elections of directors by cumulative voting pursuant to sect 214 of this title or (4)enspAny other lawful condition. (b)enspNo bylaw so adopted shall apply to elections for which any record date precedes its adoption. sect 114 Application of chapter to nonstock corporations. (a)enspExcept as otherwise provided in subsections (b) and (c) of this section, the provisions of this chapter and of chapter 5 of this title shall apply to nonstock corporations in the manner specified in the following paragraphs (a)(1)-(4) of this section: (1)enspAll references to stockholders of the corporation shall be deemed to refer to members of the corporation (2)enspAll references to the board of directors of the corporation shall be deemed to refer to the governing body of the corporation (3)enspAll references to directors or to members of the board of directors of the corporation shall be deemed to refer to members of the governing body of the corporation and (4)enspAll references to stock, capital stock, or shares thereof of a corporation authorized to issue capital stock shall be deemed to refer to memberships of a nonprofit nonstock corporation and to membership interests of any other nonstock corporation. (b)enspSubsection (a) of this section shall not apply to: (1)enspSections 102(a)(4), (b)(1) and (2), 109(a), 114, 141, 154, 215, 228, 230(b), 241, 242, 253, 254, 255, 256, 257, 258, 271, 276, 311, 312, 313, 390, and 503 of this title, which apply to nonstock corporations by their terms (2)enspSections 102(f), 109(b) (last sentence), 151, 152, 153, 155, 156, 157(d), 158, 161, 162, 163, 164, 165, 166, 167, 168, 203, 204, 205, 211, 212, 213, 214, 216, 219, 222, 231, 243, 244, 251, 252, 267, 274, 275, 324, 364, 366(a), 391 and 502(a)(5) of this title and (3)enspSubchapter XIV and subchapter XVI of this chapter. (c)enspIn the case of a nonprofit nonstock corporation, subsection (a) of this section shall not apply to: (1)enspThe sections and subchapters listed in subsection (b) of this section (2)enspSections 102(b)(3), 111(a)(2) and (3), 144(a)(2), 217, 218(a) and (b), and 262 of this title and (3)enspSubchapter V, subchapter VI and subchapter XV of this chapter. (d)enspFor purposes of this chapter: (1)enspA charitable nonstock corporation is any nonprofit nonstock corporation that is exempt from taxation under sect 501(c)(3) of the United States Internal Revenue Code 26 U.S.C. sect 501(c)(3), or any successor provisions. (2)enspA membership interest is, unless otherwise provided in a nonstock corporations certificate of incorporation, a members share of the profits and losses of a nonstock corporation, or a members right to receive distributions of the nonstock corporations assets, or both (3)enspA nonprofit nonstock corporation is a nonstock corporation that does not have membership interests and (4)enspA nonstock corporation is any corporation organized under this chapter that is not authorized to issue capital stock. sect 115 Forum selection provisions. The certificate of incorporation or the bylaws may require, consistent with applicable jurisdictional requirements, that any or all internal corporate claims shall be brought solely and exclusively in any or all of the courts in this State, and no provision of the certificate of incorporation or the bylaws may prohibit bringing such claims in the courts of this State. Internal corporate claims means claims, including claims in the right of the corporation, (i) that are based upon a violation of a duty by a current or former director or officer or stockholder in such capacity, or (ii) as to which this title confers jurisdiction upon the Court of Chancery. Site Footer
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