Delaware Constitution

ARTICLE IX

Corporations


l. Creation, amendment, renewal or revival by general law; exceptions; revocation or forfeitures of charters; requisites for enactment of corporation laws.

Section l. No corporation shall hereafter be created, amended, renewed or revived by special act, but only by or under general law, nor shall any existing corporate charter be amended, renewed or revived by special act, but only by or under general law; but the foregoing provisions shall not apply to municipal corporations, banks or corporations for charitable, penal, reformatory, or educational purposes, sustained in whole or in part by the State. The General Assembly shall, by general law, provide for the revocation or forfeiture of the charters of all corporations for the abuse, misuse, or non-use of their corporate powers, privileges or franchises. Any proceeding for such revocation or forfeiture, shall be taken by the Attorney General, as may be provided by law. No general incorporation law, nor any special act of incorporation, shall be enacted without the concurrence of two-thirds of all the members elected to each House of the General Assembly.

2. Acceptance of Constitution by existing corporations as prerequisite for amendment or renewal of charter.

Section 2. No corporation in existence at the adoption of this Constitution shall have its charter amended or renewed without first filing, under the corporate seal of said corporation, and duly attested, in the office of the Secretary of State, an acceptance of the provisions of this Constitution.

3. Issuance of stock.

Section 3. No corporation shall issue stock except for money paid, labor done or personal property, or real estate or leases thereof actually acquired by such corporation.

4. Rights, privileges, immunities and estates.

Section 4. The rights, privileges, immunities and estates of religious societies and corporate bodies, except as herein otherwise provided, shall remain as if the Constitution of this State had not been altered.

5. Designation, by foreign corporation, of agent for service of process.

Section 5. No foreign corporation shall do any business in this State through or by branch offices, agents or representatives located in this State, without having an authorized agent or agents in the State upon whom legal process may be served.

6. Taxation of stock owned by persons or corporations without the State.

Section 6. Shares of the capital stock of corporations created under the laws of this State, when owned by persons or corporations without this State, shall not be subject to taxation by any law now existing or hereafter to be made.