This Amendment changes the enactment clause of Senate Bill No.

Plain English Breakdown

The official text confirms the amendment targets Senate Bill No. 16 specifically to meet constitutional voting thresholds for amending general corporation laws or enacting special acts of incorporation.

Amendment to Senate Bill No. 16 on Voting Requirements and Effective Dates

This amendment requires a two-thirds vote for the bill to pass because it changes corporation law, and it sets specific dates when different parts of the law take effect.

What This Bill Does

• Changes the voting rule so that two-thirds of all elected members in each house must agree to pass Senate Bill No. 16.
• Makes Sections 1 through 4 and Sections 6 through 24 effective immediately upon enactment.
• Sets Section 5 as effective immediately but delays its implementation until one year after the law is passed or when final regulations are published, whichever comes first.
• Removes the original text of Section 23 from Senate Bill No. 16 and replaces it with new language about these dates.

Who It Names or Affects

• Members of the Delaware General Assembly who must vote on the bill
• The State Banking Commissioner, who may publish regulations to start implementation

Terms To Know

Enactment clause

The part of a law that states how many votes are needed for it to become official.

Effective immediately

A rule or section starts working as soon as the bill becomes law.

Implementation

The actual process of putting a new rule into practice, which may happen after it is effective.

Limits and Unknowns

• The text does not say what specific rules are in Sections 1 through 24.
• It is unknown when the State Banking Commissioner will publish final regulations for Section 5.
• No official date is listed for when this amendment or the bill becomes law.

Official Summary Text

This Amendment changes the enactment clause of Senate Bill No. 16 to a two-thirds vote because § 1 of Article IX of the Delaware Constitution requires the affirmative vote of two-thirds of the members elected to each house of the General Assembly to amend the general corporation law or enact any special act of incorporation.

This Amendment also changes the effective date and implementation dates of the original bill. It establishes that Sections 1 through 4 and Sections 6 through 24 are effective immediately. Section 5 is also effective immediately; however, it is to be implemented the earlier of the following: 1 year from the date of the Act's enactment or notice by the State Banking Commissioner that final regulations have been published and promulgated.

Current Bill Text

Legislation Document

SPONSOR:

Sen. Mantzavinos

DELAWARE STATE SENATE

153rd GENERAL ASSEMBLY

SENATE AMENDMENT NO. 1

TO

SENATE BILL NO. 16

AMEND Senate Bill No. 16 by inserting in the enactment clause after “DELAWARE” and before the colon the following: “(Two-thirds of all members elected to each house thereof concurring therein)”.

AMEND Senate Bill No. 16 by deleting Section 23 in its entirety and inserting in lieu thereof the following:

“Section 23. Sections 1 through 4 and Sections 6 through 24 of this Act are effective immediately.

Section 24. Section 5 of this Act is effective immediately and is to be implemented the earlier of the following:

(1) One year from the date of the Act’s enactment.

(2) Notice by the State Banking Commissioner published in the Register of Regulations that final regulations to implement this Act have been promulgated.”.

SYNOPSIS

This Amendment changes the enactment clause of Senate Bill No. 16 to a two-thirds vote because § 1 of Article IX of the Delaware Constitution requires the affirmative vote of two-thirds of the members elected to each house of the General Assembly to amend the general corporation law or enact any special act of incorporation.

This Amendment also changes the effective date and implementation dates of the original bill. It establishes that Sections 1 through 4 and Sections 6 through 24 are effective immediately. Section 5 is also effective immediately; however, it is to be implemented the earlier of the following: 1 year from the date of the Act's enactment or notice by the State Banking Commissioner that final regulations have been published and promulgated.

Author: Senator Mantzavinos