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.