Adopted in 1899, the statute has since the early 20th century made Delaware the most important jurisdiction in United States corporate law.
Following the example of New Jersey, which enacted corporate-friendly laws at the end of the 19th century to attract businesses from New York, Delaware adopted on March 10, 1899, a general incorporation act aimed at attracting more businesses.
Since 1989, the court has consisted of one chancellor and four vice-chancellors.
Delaware's franchise taxes supply about one-fifth of its state revenue. In February 2013, The Economist published an article on tax-friendly jurisdictions, commenting that Delaware stood for "Dollars and Euros Laundered And Washed At Reasonable Expense".
In August 2015, the head of the Delaware Chancery, Chancellor Andre Bouchard employed 226(a) of the DGCL to order the auction of the shares of a company that was not in financial distress, nor at risk of insolvency, because its co-owners could not get along.
The court cited employee affidavits attesting to one party's commitment over the other's. On April 27, 2016, rather than sealing his decision, Chancellor Bouchard told the parties to take more time and to come to a resolution outside of the courtroom.
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Page generated on 2021-08-05