This Act continues the practice of amending periodically the Delaware Revised Uniform Partnership Act (the “GP Act”) to keep it current and to maintain its national preeminence. The following is a section-by-section review of the proposed amendments to the GP Act:
Section 1 amends § 15-902 of the GP Act to permit a certificate of merger or a certificate of ownership and merger to state any amendments to the statement of partnership existence of a surviving domestic partnership in a merger (and in the case of a surviving domestic partnership that is a limited liability partnership, to the statement of qualification of such surviving domestic partnership) as are desired to be effected by the merger. This section also amends § 15-902 of the GP Act to require a domestic partnership that is causing a merger under § 15-902(m) of the GP Act to file a statement of partnership existence (if it has not already filed a statement of partnership existence).
Section 2 provides that the amendments to the GP Act take effect on August 1, 2024.
This Act requires a greater than majority vote for passage because § 11 of Article VIII of the Delaware Constitution requires the affirmative vote of three-fifths of the members elected to each house of the General Assembly to impose or levy a tax or license fee.