This bill continues the practice of amending periodically the Delaware Revised Uniform Limited Partnership Act (the "Act") to keep it current and to maintain its national preeminence. The following is a section-by-section review of the proposed amendments of the Act.
Section 1. This section amends Section 17-102(3) of the Act to provide that the name of a limited partnership must be such as to distinguish it from the name of any registered series of a limited liability company formed under the laws of the State of Delaware.
Sections 2 and 4 through 6. These sections amend Sections 17-104(g), 17-302(e), 17-305(c) and 17-405(d) of the Act to provide specific statutory authority for Delaware limited partnerships to use networks of electronic databases (examples of which are described currently as "distributed ledgers" or a "blockchain") for the creation and maintenance of limited partnership records and for certain "electronic transmissions."
Section 3. This section amends Section 17-213(b) of the Act relating to a corrected certificate to clarify that the fee payable to the Secretary of State for filing a certificate of correction pursuant to Section 17-1107 shall be paid with the filing of a corrected certificate pursuant to Section 17-213(b) of the Act.
Section 7. This section provides that the proposed amendments of Section 1 of the Act shall become effective August 1, 2019, and the proposed amendments of Sections 2 through 6 shall become effective August 1, 2018.