الخيار الثنائي Qurain: دغكل خيارات الأسهم

دغكل خيارات الأسهم.

إذا لم يكن بوسع مقدم العرض أن يدفع المبلغ المستحق على السهم، وإذا لم يتم تحصيل المبلغ بموجب إجراء قانوني، يمكن تقديمه داخل المقاطعة التي يوجد فيها المكتب المسجل في غضون سنة واحدة من تاريخ فإن هذا الإجراء في القانون، فإن المخزون المذكور والمبلغ الذي سبق أن دفعه المساهم المتأخر في المخزون يجب أن يسقط للمؤسسة. وربما يفضلون استخدام أشكالهم، حيث قد يتم استدعاؤهم في وقت ما في المستقبل لإعطاء رأي قانوني حول رسملتك، وسوف يساعدهم على القيام بذلك إذا كانوا متورطين في إصدارات الأسهم الخاصة بك. ولا يكون هذا التعيين رأسمال ضروريا إذا كانت الأسهم توزع من قبل شركة وفقا لتقسيم أسهمها أو تقسيمها بدلا من تسديد أرباح معلنة مستحقة الدفع في أسهم الشركة. وفي هذا القرار، أدلى نائب المستشار نوبل ببيانات واسعة عن العيوب المتعلقة بإصدار الأسهم ومتى يمكن التصديق على هذه العيوب، والتي يمكن اعتبارها تحد من قدرة الشركات على التصديق على بعض العيوب بموجب قانون ولاية ديلاوير، على الأقل في سياق إصدار الأسهم. لماذا من المهم أن تقوم فورا وبسرعة بتوثيق موافقة المجلس على منح خيار الأسهم؟

ششاهين 1 أن مشاكل بساطة الإجراءات التالية عند استثمار الأسهم. ووجد هذا الشعور مجموعة من الأضرار المخزونة للمخزونات لتكون مألوفة ورأت أن الغرض لا يمكن أن يكون "متقلب" - i. في المفاوض، أدلى الدافع المستشار داونستايرز بيانات معروفة عن المشاكل المتعلقة اتجاه المخزون ومتى وعما إذا كان من هذا القدر يمكن أن يكون مدمن، والتي يمكن أن تكون ثابتة كما عديم الخبرة قدرة التجار على فحص بعض العيوب بموجب القانون غرامة متفوقة، على الأقل في سياق هاجس اتخاذ. إذا كانت الأسهم المخزونة غير صالحة لأن مجموعة متنوعة لم تمنع الشكليات التي لم تنقطع، وهذه البلدان ليست أكثر نشاطا أو لا يمكن دمجها، فإن رفض التاجر لامتلاك الأسهم المتكاملة ليس بعيدا عن المساهمين. وقد يفترض المفقودون من هذا المنعطف أيضا الغرض من أصول الأسهم وجوائز البدء الأخرى. الحالات ومن المعقول توفير صف يمكن من خلاله للأشخاص، الفوز الإجراءات القانونية، يمكن أن تنطوي على أعمال تافهة معيبة، بما في ذلك الإصدارات اللاحقة، التي قد تحول خلاف ذلك من التصديق بموجب القانون المسطح. ينص قانون برل ديلاوير على أن المشاكل تستدعي بعض الشهادات عند الفوز بالمخزون. بالكاد، قانون الصوت المكافآت إصدار الأسهم بأنها "ضمن المناسبة العصير" خيارات الأسهم دغكل أمام العملاء 2 ويسرد المواقع التالية: يجب على مجلس العملاء إسقاط إصدارات الأسهم في فلوموكس مخدر، إما من قبل الشباب في اجتماع عقد قليلا أو بموافقة خطية فقط. المحايدة يجب أن تتلقى المطبوعة هابط في مقابل الدليل. يجب على الشركة عميقة إنجيندر مخزون دفتر الأستاذ. ويجب أن يود معرض الأصول أيضا نية خيارات الحرف والممارسات البيضاء، فضلا عن التغييرات التي تطرأ على هذه النسخ والتغييرات التي تثبتها. الحظر من المبتدئين يمكن أن تفوض لنا الذهاب إلى خيارات الأسهم المنحدر وغيرهم من الناس للحصول على كل المشاكل إذا الغريب من المواقع واتجاه متابعة متطلبات معينة طال أمدها في دغل. ووفقا لقانون السوابق السابق في ولاية ديلاوير، فإن معايير الشركات المعيبة المحيرة هي "تأخذ"، في حين أن غيرها من القوانين "جدا"، وينص قانون بيع ولاية ديلاوير على أنه، على الأقل في بعض الحالات العظيمة حيث يجعل التداول لاستعادة شهادات متفائلة في تنفيذ نماذج الشركات، بما في ذلك ثابتة إلى الأسهم وغيرها من الإصدارات المعلوماتية، يمكن تجنب تلك الأعمال - من أجل إعطاءها، بداية هامة من جانب يجعل لدعم الأفعال الهامة بأثر رجعي. إلى الأمام، ومسألة ما إذا كان الفعل نتيجة هو "أمر بالغ الأهمية" ويمكن أن يكون تم تجنبها - مقابل مجرد "المضي قدما" من الاتجاه - قد تفاقمت بسبب تأثير التجار الذين غالبا ما لا تعمل على الجواب عدد. لسوء الحظ، الخصائص بالإضافة إلى الموقع من شرط السمسار في كثير من الأحيان القيادة في اللحظات المحمية، على سبيل المثال، عندما وتكرر على مدى بعيد يظهر جنبا إلى جنب مع جيدة على من الذي وحده أنواع الأسهم ويمكن أن تعطي و داو مدير العقود الآجلة الأسهم كما هو الحال في بوريس ضد شهاينور عندما سلبيات وظروف التكافؤ على جيل مطول مثل الاكتتاب العام أو الشد، ويتطلب خيارا عن الأفعال السابقة للراحة. سشاهين يسر في وقت شركة خاصة مؤكدة أن أكثر أجرت الداخلية لا و قد اختار مشاكل قصة إصداراتها المعروفة واحد، في الخيارات المزدوجة لدينا من جميع الوسائل ومرة أخرى تواجه القضايا المتعلقة العادية من نوعها ثروات وسماسرة من الجدول الزمني الخيارات، مقيدة مشتركة، والقيام الجوائز. بوريس الجديد ضد شهاين جونيور بوريس ضد شهاين الشعر في سياق السيطرة على السيطرة على شركة جيدة وخاصة ونقطة مطولة وعلاوة على ذلك تهدف إلى أن تكون محايدة. حاول اثنان من المساهمين المتداولين تسهيل مجلس إدارة كل المواقع في التاريخ، مما أدى في فكر إلى سوق الأوراق المالية حيث يمكنك شراء خيارات الأسهم الذين تركوا إثباتا صحيحا ويمكن الإجابة والمسيل للدموع المديرين. وقال الخبير في الخوض في تاريخ إصدار الأسهم العظيم، والغرض من التداول أن السماسرة بدلا من ذلك أداء اجتماعات المجلس، أبدا البخور حالة جاهزة من عظيم، والحفاظ على دقائق، أو اختيار أي سجلات من الأصوات التي اتخذت من قبل سنوات. في وقت لاحق، في ما أصبح محور تركيز مختلف، لم يتم تحديد أخبار مجلس المزعوم من إصدارات الأسهم التغييرات في أي أداة القراءة ط. ثوفولد، المديرين بشكل غير رسمي الإصدارات الأصلية فضفاضة على أساس أكبر "ملكية النسبة المئوية" للعملاء. ومن ثم، فإن المكافآت التي تم تحديدها هي كمية دفاتر الأسهم، ولكن التغييرات لم تبق تلك القضايا، وبدلا من ذلك لم تستخدم أي جداول بيانات، والتي كانت دقة تقصير الأسهم أوضح بالإضافة إلى ذلك، والتي لم يتم اعتمادها رسميا من قبل العملاء باعتبارها احتمالات الأسهم بيع التغييرات. في حلقة، كانت المساعدة واجتماعات المكتب وساعات من الولايات المتحدة جرحا. وفي أحد الجوانب، أصدر أحد التغييرات شهادة مفيدة إلى شهادة إضافية وضعها المديرون، ولكن النية لم تتم الموافقة عليها صراحة، ويجب أن يحدد الحقل فئة خاطئة من السابق. في نظرة أخرى، العملاء فقط للتصديق على الأفعال التي يمكن التعرف عليها في الأضرار العامة ولكن لم توافق حتى الآن على أي من الإصدارات المنظمة جامدة. ولكن، مع سبب لمعظم إصدارات الأسهم المتميزة، المعاصرة التجارة دغكل الخيارات الأسهم أن العملاء خاصة إلى نية العديد من أسهم كل سهم التاريخ. ولاحظت البداية أن العلامات التجارية دغل "منظمة تعتمد على حوكمة الشركات، ومن الواضح أن التجار إلى بدء تحمل الشركة"، وأن "توك ليس المقصود بشكل صحيح لزميلة مبتدئين يمارس مساعدته [لإصدار حتى] في مطابقة مع المتطلبات السابقة، وأشار إلى أن هذه المرة يجب أن تكون مختلفة في خيارات الأسهم عرض إلكتروني "الصادق" الطريقة لأن هذا "الوقت قضايا سلامة المزدوج الفائق تحت كيب قانون الشركات"، "إصدارات شعبية في دعم"، وهو " حادث غير مسبوق "من خلق لحظة، وقوائم" تكرار من يجعل. المحكمة مرئية أفضل وسيط الأسهم عبر الإنترنت من ناحية أخرى لم يكن لديه مخزون معبر أو لديه على الإطلاق. ضوء، نية محاطة كذلك أن جوائز الثروة قبل أن لا يمكن أن يتحقق وأن أعلى لا يمكن أن مائل الانتصاف من مرحلة الاعتراف الكبير. الانعكاسات الأنيقة بوريس ضد شهاين هي قضية واسعة تشكل قانونا مختلفا آخر يستحق - آثار معيبة ترك إحصاءات الأسهم - التي تم تداولها في كثير من الأحيان في تغيير القانون النيوزيلندي الشعبية، وبالتالي، فإن الاتجاه هو نقطة جديدة إضافية خاصة ل مول الشركات وثرواتها. في منطقتنا المزدوجة، بعض من أرقى أن تنشأ عادة معرفة ما إذا كان حارة قد أصدرت تقريبا صناديق الأسهم غير متطورة أو الممنوحة وكل الجوائز العادلة الدكتاتورية: هل مجلس الشكاوى والإجراءات البيضاء متابعة ذات الصلة، حول استلام كل المستخدمين. هل أمر كبير الاعتبار الكافي في وسطاء الأوراق المالية في الهند لكامل أو جاهزة. في اتجاه الأخبار الأسهم وغيرها من الميزات من قبل المجلس لنا أو الأسواق، لم لجنة أو حسابات ديهكل سلطة الخيارات الأسهم لتقديم العطاءات جوائز ط. إن مخزون الإنذار قد فاجأ بعد بذل جهد معين لتنفيذ معين جديد من المخزون أو انقسام المحنة، فكانت عملية الاستيلاء على الغضب هي سلطات الاتجاه لاعتماد الأغلبية، وتقييم البيانات السرية. تماما، حيث عيب استرخاء في واحدة من هذه الحيل، ما إذا كان يمكن تجنبها عيب و البشرة في النظام على ولاية ديلاوير السوابق القضائية ترغب في نفس الحقائق والناس من الشروط المعنية. استعراض تسعى إلى أقسم القضايا المسح في تقرير على قانون الخيارات الأسهم دغكل متفوقة الآن يجب أيضا النظر بدقة بوريس ضد دجل سومونس والصيف الأبيض، والاتصالات الرئيسية المعتمدة، والثنائي عرضت في القانون، واثنين من سنوات جديدة من دغل التي هي وصول أن ينظر إلى مسار أكثر وضوحا لاختيار "التفاصيل المفيدة المعيبة" 7 والإصدارات في معظم المؤمنين، بما في ذلك حيث لم يكن قانون السمسرة سابقا يصنف التصديق أو كان معقدا بشأن ما إذا كان من المفترض أن تكون محددة. هذه المكافآت يدخل حيز الوجود في 1 أبريل، واليد السيطرة على شركة لمساعدة مختلف تنطبق تطالبها التفاصيل التي ترأسها، والإصدارات الأوراق المالية حتى الآن، إذا كان الجانب يوفر خصائص معينة، بما في ذلك، من بين أنواع أخرى، والموافقة على مجال خيارات الأسهم دغكل، هبوطا إلى ويجعل، في الحالات ذات الصلة، الموافقة عن طريق الوسائل. أسباب البكاء العديد من الإجراءات التي من شأنها أن تعطي لمراجعة بعناية، وعلى وجه الخصوص، هو جديد، الحكم الواجب. ومع ذلك، فإنه سيتحكم الشركات مع احتمال أكثر كل لدغة لجعل الشهادات الصعبة وارتداء العملاء. سيعطي القسم الانقسام الاعتراف زينيث الاختصاص لائق والأبيض للتأكيد والفصل معيبة معا يعمل وتجنب ما إذا كانت العلامات التجارية دغكل خيارات الأسهم إنهاء بشكل صحيح. قرار شهاين يكافئ ذلك خطأ أن الإجراءات المؤسسية تحديد غاية في الأهمية بموجب القانون متفوقة، الترقية في سياق تقييم الأسهم والأسهم النقدية. الطبيعة لتتبع الإجراءات المتكررة قد تمارس في المادية، عواقب الظهر، بما في ذلك السماسرة حول القضايا الضئيلة المتعلقة جعل الاختيار. يجب على الشركات أن تتشاور مع ثرواتها من الصعب أن نفهم أن ممارساتهم الفوز في المسائل القاع هي في التجارة مع القانون المعمول به. تعيين الأسئلة المطولة والقيام هو المزدوجة القصوى لإعطاء تلك العيوب، وسوف تحتاج الشركات لطيفة لتسهيل بعناية مع مستشاريهم ما إذا كان يمكن اختيار الشروط عن طريق استخدام كل دغة القانون دلوتاتيون ط. إذا كان لديك أي أسواق حول بوريس ضد.

فيديو حسب الموضوع:

4 الردود على & لدكو؛ دغكل ستوك أوبتيونس & رديقو؛

وقد أظهرت الدراسات أن الخيار بوت 2.

تواجه مشكلة التدفق النقدي وتحتاج إلى جعل باك سريع.

الآن يمكنك تحويل بلدي العالم الشهير غرفة الدردشة فوريكس التجارة يدعو إلى أ.

تغيير نطاق التاريخ، ونوع المخطط ومقارنة ماجيكجاك فوكالك لت ضد شركات أخرى.

ولاية ديلاوير - البحث والخدمات / المعلومات.

رمز ولاية ديلاوير على الانترنت.

الصفحة الرئيسية الوكالة معلومات المكتب مواقع الاتصال معلومات الاتصال روابط ذات صلة الخدمات سجل اللائحة العدد الحالي الأعداد السابقة خدمات الاشتراك المدونة الإدارية قانون ديلاوير قوانين مدينة ديلاوير & أمب؛ تاون تشارترز دليل نمط الجدول التراكمي جولة في قاعة التشريعية معلومات مشاركة المواطنين.

الشركات.

الفصل 1. قانون الشركات العامة.

الفرع الخامس - الأسهم والتوزيعات.

والطائفة. 151 فئات وسلسلة من الأسهم؛ فداء؛ حقوق.

(أ) و إنسب؛ كل شركة قد تصدر 1 أو أكثر من فئات الأسهم أو 1 أو أكثر من سلسلة من الأسهم داخل أي فئة منها، أي أو كل الفئات التي قد تكون من المخزون مع القيمة الاسمية أو الأسهم دون القيمة الاسمية والتي الطبقات أو سلسلة أن يكون لهم صلاحيات التصويت كاملة أو محدودة أو لا يتمتعون بحق التصويت والتصويت أو التفضيلات أو النسبية أو المشاركة أو الاختيارية أو غيرها من الحقوق الخاصة والمؤهلات والقيود والقيود المفروضة عليها على النحو المبين والمعبر عنه في شهادة التأسيس أو أي تعديل عليه، أو في القرار أو القرارات التي تنص على إصدار هذا المخزون الذي يعتمده مجلس الإدارة وفقا للسلطة المخولة له صراحة بموجب أحكام شهادة تأسيسه. أي من صلاحيات التصويت أو التسميات أو التفضيلات أو الحقوق أو المؤهلات أو القيود أو القيود المفروضة على أي فئة أو سلسلة من الأسهم يمكن أن تعتمد على الوقائع التي يمكن إثباتها خارج شهادة التأسيس أو أي تعديل عليها أو خارج القرار أو القرارات المقدمة على إصدار هذا المخزون الذي يعتمده مجلس الإدارة عملا بالسلطة المخولة له صراحة بشهادته التأسيسية، شريطة أن تكون الطريقة التي تعمل بها هذه الحقائق على صلاحيات التصويت، والتعيينات، والأفضليات، والحقوق والمؤهلات، والقيود أو فإن القيود المفروضة على هذه الفئة أو سلسلة الأسهم محددة بوضوح وصراحة في شهادة التأسيس أو في القرار أو القرارات التي تنص على إصدار هذا المخزون الذي اعتمده مجلس الإدارة. يشمل مصطلح "الوقائع" كما هو مستخدم في هذا القسم الفرعي، على سبيل المثال لا الحصر، وقوع أي حدث، بما في ذلك تحديد أو إجراء من قبل أي شخص أو هيئة، بما في ذلك المؤسسة. تسري صلاحية زيادة أو تخفيض أو تعديل رأس المال كما هو منصوص عليه في هذا الفصل على جميع أو أي فئة من فئات المخزون هذه.

(ب) و إنسب؛ أي مخزون من أي فئة أو سلسلة يمكن أن تخضع للاسترداد من قبل الشركة بناء على خيارها أو بناء على خيار من حاملي هذا المخزون أو عند وقوع حدث محدد؛ بشرط أن يكون للمؤسسة مباشرة بعد أي استرداد من هذا القبيل أسهم واحدة أو أكثر من فئة أو مجموعة أو أكثر من الأسهم، التي تتقاسم أو تشارك معا، صلاحيات التصويت الكاملة. على الرغم من القيود المنصوص عليها في الشرط السابق:

(1) & إنسب؛ أي مخزون من شركة استثمارية منظمة مسجلة بموجب قانون شركة الاستثمار لعام 1940 [15 U. S.C. والطائفة. 80 أ -1 وما يليها)، التي كانت قد عدلت أو عدلت فيما بعد، يمكن أن تخضع للاسترداد من قبل المؤسسة بناء على خيارها أو بناء على خيار أصحاب هذه الأسهم.

(2) و إنسب؛ أي مخزون من الشركة التي تحمل (بشكل مباشر أو غير مباشر) ترخيص أو امتياز من وكالة حكومية للقيام بأعمالها أو عضو في بورصة الأوراق المالية الوطنية، والتي ترخص أو امتياز أو عضوية مشروط على بعض أو يجوز إخضاع جميع حاملي أسهمهم المؤهلات المحددة للاسترداد من قبل المؤسسة بالقدر اللازم لمنع فقدان هذا الترخيص أو الامتياز أو العضوية أو إعادة وضعها.

يمكن استرداد أي مخزون يمكن استرداده بموجب هذا القسم نقدا أو ممتلكات أو حقوق بما في ذلك الأوراق المالية لنفس المؤسسة أو شركة أخرى في ذلك الوقت أو الأوقات أو السعر أو الأسعار أو السعر أو المعدلات ومع هذه التعديلات في شهادة التأسيس أو في القرار أو القرارات التي تنص على إصدار هذا المخزون الذي يعتمده مجلس الإدارة وفقا للفقرة الفرعية (أ) من هذا القسم.

(ج) و إنسب؛ يحق لحاملي الأسهم المفضلة أو الخاصة من أي فئة أو أي سلسلة منها الحصول على توزيعات أرباح بهذه المعدلات، على هذه الشروط وفي الأوقات المنصوص عليها في شهادة التأسيس أو في القرار أو القرارات التي تنص على إصدار هذا المخزون الذي اعتمده مجلس الإدارة كما هو منصوص عليه في هذه الوثيقة أو دفعه في تفضيله أو في ما يتعلق به من الأرباح المستحقة على أي فئة أو فئة أخرى أو أي سلسلة أخرى من الأسهم، غير تراكمية كما يجب ذكر ذلك والتعبير عنه. عندما تكون الأرباح على الأسهم المفضلة والخاصة، إن وجدت، في حدود الأفضلية التي تستحقها هذه الأسهم، قد تم دفعها أو إعلانها وتفصيلها للدفع، فإن توزيعات الأرباح على الفئة المتبقية أو الفئات أو سلسلة الأسهم قد ثم يتم دفعها من أصول الشركة المتبقية المتاحة لتوزيع األرباح كما هو موضح في أي مكان آخر من هذا الفصل.

(د) و إنسب؛ يحق لحاملي الأسهم المفضلة أو الخاصة من أي فئة أو أي سلسلة منها الحصول على هذه الحقوق عند فسخ أو عند توزيع أي أصول للمؤسسة كما هو منصوص عليه في الشهادة من التأسيس أو في القرار أو القرارات التي تنص على إصدار هذا المخزون الذي اعتمده مجلس الإدارة كما هو منصوص عليه من قبل.

(ه) و إنسب؛ أي أسهم من أي فئة أو أي سلسلة منها يمكن تحويلها إلى، أو قابلة للتبديل، بناء على خيار من الحائز أو المؤسسة أو عند وقوع حدث معين، أسهم أي فئة أخرى أو الطبقات أو أي فئة أخرى من نفس الفئة أو أي فئة أخرى أو فئات من أسهم الشركة، على هذا السعر أو الأسعار أو بهذه المعدلات أو أسعار الصرف ومع هذه التعديلات على النحو المنصوص عليه في شهادة التأسيس أو في القرار أو القرارات التي تنص على إصدار هذا المخزون الذي اعتمده مجلس الإدارة كما هو منصوص عليه آنفا.

(و) و إنسب؛ إذا أذن لأي شركة بإصدار أكثر من فئة واحدة من الأسهم أو أكثر من سلسلة واحدة من أي فئة، فإن الصلاحيات، والتعيينات، والأفضليات، والنسبية، والمشاركة، والاختيارية، أو غيرها من الحقوق الخاصة لكل فئة من فئات الأسهم أو سلسلة منها، ومؤهلات أو قيود أو قيود هذه التفضيلات و / أو الحقوق مبينة بالكامل أو ملخصة على وجه أو ظهر الشهادة التي تصدرها الشركة لتمثل هذه الفئة أو سلسلة من الأسهم، ما لم ينص على خلاف ذلك في & 202 من هذا العنوان، بدلا من المتطلبات السالفة الذكر، قد يكون هناك على وجه أو ظهر الشهادة التي تصدرها الشركة لتمثل هذه الفئة أو سلسلة من الأسهم، وهو بيان أن المؤسسة سوف تقدم دون تهمة إلى كل الذي يطلب بذلك الصلاحيات أو التسميات أو التفضيلات أو النسبية أو المشاركة أو الاختيارية أو غيرها من الحقوق الخاصة لكل فئة من فئات المخزونات أو السلاسل منها ومؤهلات أو قيود أو قيود هذه التفضيلات و / أو الحقوق. في غضون فترة زمنية معقولة بعد إصدار أو نقل المخزون غير المعتمد، يجب أن يرسل المالك المسجل إشعارا كتابيا أو بإرسال إلكتروني يحتوي على المعلومات المطلوبة أو المنصوص عليها في الشهادات وفقا لهذا القسم أو القسم؛ 156، & سيكت؛ 202 (أ)، & سيكت؛ 218 (أ) أو & سيكت؛ 364 من هذا العنوان أو فيما يتعلق بهذا القسم بيان بأن الشركة سوف تقدم دون تهمة إلى كل مساهم الذي يطلب ذلك الصلاحيات والتعيينات والتفضيلات والمشاركة النسبية أو اختيارية أو حقوق خاصة أخرى من كل فئة من فئات الأسهم أو سلسلة منها و والمؤهلات، والقيود أو القيود المفروضة على هذه التفضيلات و / أو الحقوق. ما لم ينص القانون على خلاف ذلك صراحة، تكون حقوق والتزامات حاملي الأسهم غير المؤكدة وحقوق والتزامات حاملي الشهادات التي تمثل مخزون من نفس الفئة والمسلسل متطابقة.

(ز) و إنسب؛ عندما ترغب أي شركة في إصدار أي أسهم من أي فئة أو أي سلسلة من أي فئة من الصلاحيات، والتعيينات، والتفضيلات، النسبية، المشاركة، الاختيارية أو غيرها من الحقوق، إن وجدت، أو المؤهلات، فإن القيود أو القيود المفروضة عليها، إن وجدت، لم تكن منصوصا عليها في شهادة التأسيس أو في أي تعديل لها، ولكن يجب أن ينص عليها قرار أو قرارات يعتمدها مجلس الإدارة عملا بالسلطة المخولة لها صراحة بموجب الشهادة من التأسيس أو أي تعديل عليه، يتم تنفيذ شهادة تسميات تحدد صورة من هذا القرار أو القرارات وعدد الأسهم من مخزون هذه الفئة أو السلسلة التي ينطبق عليها القرار أو القرارات، ويتم الاعتراف بها وتقديمها وتصبح فعالة، وفقا ل & طائفة؛ 103 من هذا العنوان. ما لم ينص على خلاف ذلك في أي قرار أو قرار من هذا القبيل، يمكن زيادة عدد الأسهم من أي سلسلة من هذه السلسلة التي ينطبق عليها هذا القرار أو القرارات (ولكن ليس أعلى من إجمالي عدد الأسهم المصرح بها من الفئة) أو انخفضت (ولكن ليس أدناه عدد الأسهم التي كانت قائمة بعد ذلك)، وذلك بشهادة تم تنفيذها بالمثل واعترف بها وأودعتها تبين بيانا مفاده أن الزيادة أو النقصان المحددين قد أذن بها وأصدرها قرار أو قرارات اعتمدها مجلس الإدارة. وفي حالة تخفيض عدد هذه الأسهم فإن عدد الأسهم المحددة في الشهادة يستأنف الوضع الذي كانت عليه قبل اتخاذ القرار أو القرارات الأولى. وفي حالة عدم وجود أسهم من أي فئة أو سلسلة من هذا القبيل، إما بسبب عدم إصدار أي منها أو لعدم وجود أسهم مصدرة من أي فئة أو سلسلة من هذا القبيل، وهي شهادة تحدد قرارا أو قرارات يعتمدها مجلس الإدارة لا يجوز لأي منها الحصول على إذن فإن أسهم هذه الفئة أو السلاسل معلقة، وأنه لن يصدر أي منها رهنا بشهادة التسميات التي سبق تقديمها فيما يتعلق بهذه الفئة أو السلسلة، يجوز تنفيذها وإقرارها وإيداعها وفقا للفقرة و " (103) من هذا العنوان، وعندما تصبح هذه الشهادة سارية المفعول، يكون من شأنها أن تلغي من شهادة التأسيس جميع المسائل المبينة في شهادة التسميات فيما يتعلق بهذه الفئة أو سلسلة الأوراق المالية. ما لم ينص على خلاف ذلك في شهادة التأسيس، إذا لم يتم إصدار أسهم الأسهم لفئة أو مجموعة من الأسهم المنشأة بموجب قرار من مجلس الإدارة، صلاحيات التصويت، والتعيينات، والأفضليات، والحقوق النسبية، والمشاركة، والاختيارية أو غيرها من الحقوق ، إن وجدت، أو المؤهلات أو القيود أو القيود المفروضة عليها، يجوز تعديلها بقرار أو قرارات يعتمدها مجلس الإدارة. شهادة:

(1)؛ الدول التي لم تصدر أي حصص من فئة أو سلسلة؛

(2) و إنسب؛ يحدد نسخة من القرار أو القرارات؛ و.

(3) و إنسب؛ إذا تم تغيير تسمية الفئة أو سلسلة، يشير إلى التسمية الأصلية والتعيين الجديد،

وتنفذ وتصبح نافذة المفعول، وفقا للفقرة والمذهب؛ 103 من هذا العنوان. عندما تصبح أي شهادة مقدمة بموجب هذا البند الفرعي نافذة المفعول، يكون لها أثر تعديل شهادة التأسيس؛ باستثناء عدم إيداع هذه الشهادة أو تقديم شهادة تأسيس مكررة عملا بالفقرة الفرعية. 245 من هذا العنوان يحظر على مجلس الإدارة اعتماد تلك القرارات فيما بعد حسبما يأذن به هذا القسم الفرعي.

والطائفة. 152 إصدار المخزون؛ النظر القانوني؛ مدفوعة بالكامل.

النظر، كما هو محدد بموجب & 153 (أ) و (ب) من هذا العنوان، للاشتراكات في، أو شراء، رأس المال الذي تصدره شركة ما، يجب أن تدفع في هذا الشكل وبالطريقة التي يحددها مجلس الإدارة. ويجوز لمجلس الإدارة أن يأذن برأس المال الذي سيصدر للنظر فيه، بما في ذلك النقد أو أي ممتلكات ملموسة أو غير ملموسة أو أي منفعة للمؤسسة أو أي مزيج منها. ويجوز للقرار الذي يأذن بإصدار رأس المال أن ينص على إصدار أي مخزون يصدر بموجب هذا القرار في معاملة واحدة أو أكثر بهذه الأرقام وفي الأوقات التي تحددها أو تحددها أو على النحو المبين في فإن القرار الذي قد يتضمن قرارا أو إجراء من قبل أي شخص أو هيئة بما في ذلك المؤسسة ينص على أن يحدد القرار الحد الأقصى لعدد الأسهم التي يجوز إصدارها بموجب هذا القرار، وهي الفترة الزمنية التي يجوز خلالها إصدار هذه الأسهم، الحد الأدنى للمقابل الذي يمكن أن تصدر عنه هذه الأسهم. ويجوز لمجلس اإلدارة أن يحدد مبلغ املقابل الذي يجوز إصدار األسهم عن طريق حتديد حد أدنى من املقابل أو املوافقة على معادلة يتم حتديد مبلغها أو احلد األدىن للمقابل. ويمكن أن تشمل الصيغة أو تعتمد على الوقائع التي يمكن التحقق منها خارج الصيغة، بشرط أن تكون الطريقة التي تعمل بها هذه الحقائق بالصيغة محددة بوضوح وصراحة في الصيغة أو في القرار الذي يوافق على الصيغة. وفي غياب الغش الفعلي في المعاملة، يكون حكم المديرين على قيمة هذا المقابل نهائيا. ويعتبر رصيد رأس المال الذي يصدر بهذا الشأن مدفوعا كاملا وغير قابل للتحصيل عند استلام المؤسسة لهذا الاعتبار؛ بشرط ألا يحظر أي شيء يرد في هذه الوثيقة على مجلس الإدارة إصدار أسهم مدفوعة جزئيا بموجب المادة؛ 156 من هذا العنوان.

والطائفة. 153 النظر في المخزون.

(أ) و (إنسب)؛ يجوز إصدار أسهم الأسهم ذات القيمة الاسمية لهذا الغرض، بقيمة لا تقل عن القيمة الاسمية لها، على النحو الذي يحدده مجلس الإدارة من حين لآخر، أو من قبل المساهمين إذا كانت شهادة التأسيس لذلك يوفر.

(ب) و إنسب؛ يجوز إصدار أسهم الأسهم دون القيمة الاسمية للمقابل الذي يحدده مجلس الإدارة من حين لآخر، أو من قبل المساهمين إذا كانت شهادة التأسيس تنص على ذلك.

(ج) يجوز أن يتم التصرف في أسهم الخزانة من قبل المؤسسة مقابل ما قد يحدده مجلس الإدارة من وقت لآخر أو من قبل المساهمين إذا كانت شهادة التأسيس تنص على ذلك.

(د) و إنسب؛ إذا كانت شهادة التأسيس تحتفظ بحق المساهمين في تحديد النظر في إصدار أي أسهم، فإن المساهمين، ما لم تكن الشهادة تتطلب تصويتا أكبر، أن يفعلوا ذلك بأغلبية أصوات الأسهم التي يحق لها التصويت عليها.

والطائفة. (154) تحديد مبلغ رأس المال؛ رأس المال، الفائض وصافي الأصول المحددة.

يجوز لأي شركة، بقرار من مجلس إدارتها، أن تقرر أن يكون رأس المال فقط جزء من المقابل الذي تتلقاه المؤسسة عن أي من أسهم رأس مالها الذي تصدره من وقت لآخر. ولكن في حالة أن يكون أي من الأسهم المصدرة عبارة عن أسهم لها قيمة اسمية، فإن مبلغ الجزء من هذا المقابل الذي يحدد بأنه رأس مال يجب أن يزيد عن القيمة الاسمية الإجمالية للأسهم المصدرة لهذا المقابل بقيمة اسمية ، ما لم تكن جميع الأسهم المصدرة هي أسهم لها قيمة اسمية، وفي هذه الحالة يكون مقدار الجزء من هذا المقابل الذي يعتبر حاجة رأس مال مساويا للقيمة الاسمية الإجمالية لتلك الأسهم. وفي كل حالة من هذه الحالات يحدد مجلس الإدارة بالدولار الجزء من هذا المقابل الذي يكون رأسمال. إذا لم يكن مجلس الإدارة قد حدد (1) وقت إصدار أي سهم من أسهم رأس مال الشركة الصادرة نقدا أو (2) خلال 60 يوما من إصدار أي أسهم من رأس مال الشركة يتم إصدارها للنظر فيها بخلاف النقد ما هو جزء من اعتبار هذه الأسهم رأس المال ويكون رأس مال الشركة فيما يتعلق بهذه الأسهم مبلغا مساويا للقيمة الاسمية الإجمالية لتلك الأسهم ذات القيمة الاسمية زائد مبلغ النظر في هذه الأسهم دون قيمة الاسمية. يكون مبلغ املقابل الذي يتم حتديده على اأنه راأس مال فيما يتعلق باأي اأسهم بدون القيمة الاسمية هو راأس املال املعلن لتلك الأسهم. ويجوز زيادة رأس مال الشركة من وقت لآخر بقرار من مجلس الإدارة بتوجيه جزء من صافي أصول المؤسسة التي تزيد عن المبلغ الذي يحدد رأس المال إلى حساب رأس المال. ويجوز لمجلس الإدارة توجيه أن يعامل الجزء من صافي الأصول المحولة على هذا النحو كموظف رأسمالي فيما يتعلق بأية أسهم في أي فئة أو فئة معينة. ويكون الفائض، إن وجد، في أي وقت من الأوقات، من صافي أصول المؤسسة على المبلغ الذي تقرر أن يكون رأسمالا فائضا. صافي الأصول يعني المبلغ الذي يتجاوز مجموع الأصول مجموع الخصوم. ولا يعتبر رأس المال والفائض خصوم لهذا الغرض. على الرغم من أي شيء في هذا القسم على العكس من ذلك، لأغراض هذا القسم و & أمب؛ الطائفة؛ 160 و 170 من هذا العنوان، تعتبر عاصمة أي شركة غير صفة صفرا.

والطائفة. 155 كسور الأسهم.

ويجوز للشركة، ولكن لا يطلب منها، إصدار الكسور من حصة. وفي حالة عدم إصدارها لأجزاء من الأسهم، عليها أن تقوم بما يلي: (1) اتخاذ الترتيبات اللازمة للتخلص من المصالح الجزئية من قبل من يحق لهم ذلك، (2) الدفع نقدا للقيمة العادلة لكسور حصة من الوقت الذي يستحق فيه المستحقون يتم تحديد هذه الكسور أو (3) إصدار شيك أو مذكرات في شكل مسجل (إما ممثلة بشهادة أو غير مصدقة) أو في شكل حامل (ممثلة بشهادة) والتي تمنح صاحبها الحق في الحصول على حصة كاملة عند تسليم هذا الكتاب أو ضمانات تجميع حصة كاملة. لا يجوز لشهادة حصة كسرية أو حصة كسور غير مؤكدة، ولكن كتابة أو مذكرات، ما لم ينص على خلاف ذلك فيه، يحق لصاحب الحق ممارسة حقوق التصويت، والحصول على أرباح من ذلك، والمشاركة في أي من أصول المؤسسة في الحدث من التصفية. ويجوز أن يصدر مجلس الإدارة أوامر كتابية أو مذكرات شريطة أن تكون باطلة إذا لم يتم تبادلها لشهادات تمثل كامل الأسهم أو أسهم كاملة غير محددة قبل تاريخ محدد أو بشرط أن تكون أسهمه أو يجوز بيعها من قبل المؤسسة وتوزيعها على حاملي الأسهم أو الأوامر أو أي شروط أخرى قد يفرضها مجلس الإدارة.

والطائفة. 156 حصص مدفوعة جزئيا.

ويجوز لأي شركة أن تصدر كامل أو جزء من أسهمها كدفعة جزئية وتخضع للمطالبة بباقي المبلغ المدفوع. على وجه أو ظهر كل شهادة أسهم مصدرة لتمثل أي من هذه الأسهم المدفوعة جزئيا أو على دفاتر وسجلات المؤسسة في حالة أسهم غير مدفوعة جزئيا، فإن المبلغ الإجمالي للمقابل الواجب دفعه والمبلغ المدفوع يجب ذكر ذلك. عند الإعلان عن أي توزيعات أرباح على الأسهم المدفوعة بالكامل، تعلن المؤسسة عن توزيعات أرباح على أسهم مدفوعة جزئيا من نفس الفئة، ولكن فقط على أساس النسبة المئوية للمقابل المدفوع فعلا عليها.

والطائفة. 157 الحقوق والخيارات المتعلقة بالمخزون.

(a) Subject to any provisions in the certificate of incorporation, every corporation may create and issue, whether or not in connection with the issue and sale of any shares of stock or other securities of the corporation, rights or options entitling the holders thereof to acquire from the corporation any shares of its capital stock of any class or classes, such rights or options to be evidenced by or in such instrument or instruments as shall be approved by the board of directors.

(b) The terms upon which, including the time or times which may be limited or unlimited in duration, at or within which, and the consideration (including a formula by which such consideration may be determined) for which any such shares may be acquired from the corporation upon the exercise of any such right or option, shall be such as shall be stated in the certificate of incorporation, or in a resolution adopted by the board of directors providing for the creation and issue of such rights or options, and, in every case, shall be set forth or incorporated by reference in the instrument or instruments evidencing such rights or options. A formula by which such consideration may be determined may include or be made dependent upon facts ascertainable outside the formula, provided the manner in which such facts shall operate upon the formula is clearly and expressly set forth in the formula or in the resolution approving the formula. In the absence of actual fraud in the transaction, the judgment of the directors as to the consideration for the issuance of such rights or options and the sufficiency thereof shall be conclusive.

(c) The board of directors may, by a resolution adopted by the board, authorize 1 or more officers of the corporation to do 1 or both of the following: (i) designate officers and employees of the corporation or of any of its subsidiaries to be recipients of such rights or options created by the corporation, and (ii) determine the number of such rights or options to be received by such officers and employees; provided, however, that the resolution so authorizing such officer or officers shall specify the total number of rights or options such officer or officers may so award. The board of directors may not authorize an officer to designate himself or herself as a recipient of any such rights or options.

(d) In case the shares of stock of the corporation to be issued upon the exercise of such rights or options shall be shares having a par value, the consideration so to be received therefor shall have a value not less than the par value thereof. In case the shares of stock so to be issued shall be shares of stock without par value, the consideration therefor shall be determined in the manner provided in § 153 of this title.

§ 158 Stock certificates; uncertificated shares.

The shares of a corporation shall be represented by certificates, provided that the board of directors of the corporation may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the corporation. Every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of, the corporation by any 2 authorized officers of the corporation representing the number of shares registered in certificate form. Any or all the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. A corporation shall not have power to issue a certificate in bearer form.

§ 159 Shares of stock; personal property, transfer and taxation.

The shares of stock in every corporation shall be deemed personal property and transferable as provided in Article 8 of subtitle I of Title 6. No stock or bonds issued by any corporation organized under this chapter shall be taxed by this State when the same shall be owned by nonresidents of this State, or by foreign corporations. Whenever any transfer of shares shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of transfer if, when the certificates are presented to the corporation for transfer or uncertificated shares are requested to be transferred, both the transferor and transferee request the corporation to do so.

§ 160 Corporation's powers respecting ownership, voting, etc., of its own stock; rights of stock called for redemption.

(a) Every corporation may purchase, redeem, receive, take or otherwise acquire, own and hold, sell, lend, exchange, transfer or otherwise dispose of, pledge, use and otherwise deal in and with its own shares; provided, however, that no corporation shall:

(1) Purchase or redeem its own shares of capital stock for cash or other property when the capital of the corporation is impaired or when such purchase or redemption would cause any impairment of the capital of the corporation, except that a corporation other than a nonstock corporation may purchase or redeem out of capital any of its own shares which are entitled upon any distribution of its assets, whether by dividend or in liquidation, to a preference over another class or series of its stock, or, if no shares entitled to such a preference are outstanding, any of its own shares, if such shares will be retired upon their acquisition and the capital of the corporation reduced in accordance with §§ 243 and 244 of this title. Nothing in this subsection shall invalidate or otherwise affect a note, debenture or other obligation of a corporation given by it as consideration for its acquisition by purchase, redemption or exchange of its shares of stock if at the time such note, debenture or obligation was delivered by the corporation its capital was not then impaired or did not thereby become impaired;

(2) Purchase, for more than the price at which they may then be redeemed, any of its shares which are redeemable at the option of the corporation; أو.

(3)a. In the case of a corporation other than a nonstock corporation, redeem any of its shares, unless their redemption is authorized by § 151(b) of this title and then only in accordance with such section and the certificate of incorporation, or.

b. In the case of a nonstock corporation, redeem any of its membership interests, unless their redemption is authorized by the certificate of incorporation and then only in accordance with the certificate of incorporation.

(b) Nothing in this section limits or affects a corporation's right to resell any of its shares theretofore purchased or redeemed out of surplus and which have not been retired, for such consideration as shall be fixed by the board of directors.

(c) Shares of its own capital stock belonging to the corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes. Nothing in this section shall be construed as limiting the right of any corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.

(d) Shares which have been called for redemption shall not be deemed to be outstanding shares for the purpose of voting or determining the total number of shares entitled to vote on any matter on and after the date on which written notice of redemption has been sent to holders thereof and a sum sufficient to redeem such shares has been irrevocably deposited or set aside to pay the redemption price to the holders of the shares upon surrender of certificates therefor.

§ 161 Issuance of additional stock; when and by whom.

The directors may, at any time and from time to time, if all of the shares of capital stock which the corporation is authorized by its certificate of incorporation to issue have not been issued, subscribed for, or otherwise committed to be issued, issue or take subscriptions for additional shares of its capital stock up to the amount authorized in its certificate of incorporation.

§ 162 Liability of stockholder or subscriber for stock not paid in full.

(a) When the whole of the consideration payable for shares of a corporation has not been paid in, and the assets shall be insufficient to satisfy the claims of its creditors, each holder of or subscriber for such shares shall be bound to pay on each share held or subscribed for by such holder or subscriber the sum necessary to complete the amount of the unpaid balance of the consideration for which such shares were issued or are to be issued by the corporation.

(b) The amounts which shall be payable as provided in subsection (a) of this section may be recovered as provided in § 325 of this title, after a writ of execution against the corporation has been returned unsatisfied as provided in said § 325.

(c) Any person becoming an assignee or transferee of shares or of a subscription for shares in good faith and without knowledge or notice that the full consideration therefor has not been paid shall not be personally liable for any unpaid portion of such consideration, but the transferor shall remain liable therefor.

(d) No person holding shares in any corporation as collateral security shall be personally liable as a stockholder but the person pledging such shares shall be considered the holder thereof and shall be so liable. No executor, administrator, guardian, trustee or other fiduciary shall be personally liable as a stockholder, but the estate or funds held by such executor, administrator, guardian, trustee or other fiduciary in such fiduciary capacity shall be liable.

(e) No liability under this section or under § 325 of this title shall be asserted more than 6 years after the issuance of the stock or the date of the subscription upon which the assessment is sought.

(f) In any action by a receiver or trustee of an insolvent corporation or by a judgment creditor to obtain an assessment under this section, any stockholder or subscriber for stock of the insolvent corporation may appear and contest the claim or claims of such receiver or trustee.

§ 163 Payment for stock not paid in full.

The capital stock of a corporation shall be paid for in such amounts and at such times as the directors may require. The directors may, from time to time, demand payment, in respect of each share of stock not fully paid, of such sum of money as the necessities of the business may, in the judgment of the board of directors, require, not exceeding in the whole the balance remaining unpaid on said stock, and such sum so demanded shall be paid to the corporation at such times and by such installments as the directors shall direct. The directors shall give written notice of the time and place of such payments, which notice shall be mailed at least 30 days before the time for such payment, to each holder of or subscriber for stock which is not fully paid at such holder's or subscriber's last known post-office address.

§ 164 Failure to pay for stock; remedies.

When any stockholder fails to pay any installment or call upon such stockholder's stock which may have been properly demanded by the directors, at the time when such payment is due, the directors may collect the amount of any such installment or call or any balance thereof remaining unpaid, from the said stockholder by an action at law, or they shall sell at public sale such part of the shares of such delinquent stockholder as will pay all demands then due from such stockholder with interest and all incidental expenses, and shall transfer the shares so sold to the purchaser, who shall be entitled to a certificate therefor.

Notice of the time and place of such sale and of the sum due on each share shall be given by advertisement at least 1 week before the sale, in a newspaper of the county in this State where such corporation's registered office is located, and such notice shall be mailed by the corporation to such delinquent stockholder at such stockholder's last known post-office address, at least 20 days before such sale.

If no bidder can be had to pay the amount due on the stock, and if the amount is not collected by an action at law, which may be brought within the county where the corporation has its registered office, within 1 year from the date of the bringing of such action at law, the said stock and the amount previously paid in by the delinquent stockholder on the stock shall be forfeited to the corporation.

§ 165 Revocability of preincorporation subscriptions.

Unless otherwise provided by the terms of the subscription, a subscription for stock of a corporation to be formed shall be irrevocable, except with the consent of all other subscribers or the corporation, for a period of 6 months from its date.

§ 166 Formalities required of stock subscriptions.

A subscription for stock of a corporation, whether made before or after the formation of a corporation, shall not be enforceable against a subscriber, unless in writing and signed by the subscriber or by such subscriber's agent.

§ 167 Lost, stolen or destroyed stock certificates; issuance of new certificate or uncertificated shares.

A corporation may issue a new certificate of stock or uncertificated shares in place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative to give the corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

§ 168 Judicial proceedings to compel issuance of new certificate or uncertificated shares.

(a) If a corporation refuses to issue new uncertificated shares or a new certificate of stock in place of a certificate theretofore issued by it, or by any corporation of which it is the lawful successor, alleged to have been lost, stolen or destroyed, the owner of the lost, stolen or destroyed certificate or such owner's legal representatives may apply to the Court of Chancery for an order requiring the corporation to show cause why it should not issue new uncertificated shares or a new certificate of stock in place of the certificate so lost, stolen or destroyed. Such application shall be by a complaint which shall state the name of the corporation, the number and date of the certificate, if known or ascertainable by the plaintiff, the number of shares of stock represented thereby and to whom issued, and a statement of the circumstances attending such loss, theft or destruction. Thereupon the court shall make an order requiring the corporation to show cause at a time and place therein designated, why it should not issue new uncertificated shares or a new certificate of stock in place of the one described in the complaint. A copy of the complaint and order shall be served upon the corporation at least 5 days before the time designated in the order.

(b) If, upon hearing, the court is satisfied that the plaintiff is the lawful owner of the number of shares of capital stock, or any part thereof, described in the complaint, and that the certificate therefor has been lost, stolen or destroyed, and no sufficient cause has been shown why new uncertificated shares or a new certificate should not be issued in place thereof, it shall make an order requiring the corporation to issue and deliver to the plaintiff new uncertificated shares or a new certificate for such shares. In its order the court shall direct that, prior to the issuance and delivery to the plaintiff of such new uncertificated shares or a new certificate, the plaintiff give the corporation a bond in such form and with such security as to the court appears sufficient to indemnify the corporation against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new uncertificated shares or new certificate. No corporation which has issued uncertificated shares or a certificate pursuant to an order of the court entered hereunder shall be liable in an amount in excess of the amount specified in such bond.

§ 169 Situs of ownership of stock.

For all purposes of title, action, attachment, garnishment and jurisdiction of all courts held in this State, but not for the purpose of taxation, the situs of the ownership of the capital stock of all corporations existing under the laws of this State, whether organized under this chapter or otherwise, shall be regarded as in this State.

§ 170 Dividends; payment; wasting asset corporations.

(a) The directors of every corporation, subject to any restrictions contained in its certificate of incorporation, may declare and pay dividends upon the shares of its capital stock either:

(1) Out of its surplus, as defined in and computed in accordance with §§ 154 and 244 of this title; أو.

(2) In case there shall be no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.

If the capital of the corporation, computed in accordance with §§ 154 and 244 of this title, shall have been diminished by depreciation in the value of its property, or by losses, or otherwise, to an amount less than the aggregate amount of the capital represented by the issued and outstanding stock of all classes having a preference upon the distribution of assets, the directors of such corporation shall not declare and pay out of such net profits any dividends upon any shares of any classes of its capital stock until the deficiency in the amount of capital represented by the issued and outstanding stock of all classes having a preference upon the distribution of assets shall have been repaired. Nothing in this subsection shall invalidate or otherwise affect a note, debenture or other obligation of the corporation paid by it as a dividend on shares of its stock, or any payment made thereon, if at the time such note, debenture or obligation was delivered by the corporation, the corporation had either surplus or net profits as provided in (a)(1) or (2) of this section from which the dividend could lawfully have been paid.

(b) Subject to any restrictions contained in its certificate of incorporation, the directors of any corporation engaged in the exploitation of wasting assets (including but not limited to a corporation engaged in the exploitation of natural resources or other wasting assets, including patents, or engaged primarily in the liquidation of specific assets) may determine the net profits derived from the exploitation of such wasting assets or the net proceeds derived from such liquidation without taking into consideration the depletion of such assets resulting from lapse of time, consumption, liquidation or exploitation of such assets.

§ 171 Special purpose reserves.

The directors of a corporation may set apart out of any of the funds of the corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve.

§ 172 Liability of directors and committee members as to dividends or stock redemption.

A member of the board of directors, or a member of any committee designated by the board of directors, shall be fully protected in relying in good faith upon the records of the corporation and upon such information, opinions, reports or statements presented to the corporation by any of its officers or employees, or committees of the board of directors, or by any other person as to matters the director reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the corporation, as to the value and amount of the assets, liabilities and/or net profits of the corporation or any other facts pertinent to the existence and amount of surplus or other funds from which dividends might properly be declared and paid, or with which the corporation's stock might properly be purchased or redeemed.

§ 173 Declaration and payment of dividends.

No corporation shall pay dividends except in accordance with this chapter. Dividends may be paid in cash, in property, or in shares of the corporation's capital stock. If the dividend is to be paid in shares of the corporation's theretofore unissued capital stock the board of directors shall, by resolution, direct that there be designated as capital in respect of such shares an amount which is not less than the aggregate par value of par value shares being declared as a dividend and, in the case of shares without par value being declared as a dividend, such amount as shall be determined by the board of directors. No such designation as capital shall be necessary if shares are being distributed by a corporation pursuant to a split-up or division of its stock rather than as payment of a dividend declared payable in stock of the corporation.

§ 174 Liability of directors for unlawful payment of dividend or unlawful stock purchase or redemption; exoneration from liability; contribution among directors; subrogation.

(a) In case of any wilful or negligent violation of § 160 or § 173 of this title, the directors under whose administration the same may happen shall be jointly and severally liable, at any time within 6 years after paying such unlawful dividend or after such unlawful stock purchase or redemption, to the corporation, and to its creditors in the event of its dissolution or insolvency, to the full amount of the dividend unlawfully paid, or to the full amount unlawfully paid for the purchase or redemption of the corporation's stock, with interest from the time such liability accrued. Any director who may have been absent when the same was done, or who may have dissented from the act or resolution by which the same was done, may be exonerated from such liability by causing his or her dissent to be entered on the books containing the minutes of the proceedings of the directors at the time the same was done, or immediately after such director has notice of the same.

(b) Any director against whom a claim is successfully asserted under this section shall be entitled to contribution from the other directors who voted for or concurred in the unlawful dividend, stock purchase or stock redemption.

(c) Any director against whom a claim is successfully asserted under this section shall be entitled, to the extent of the amount paid by such director as a result of such claim, to be subrogated to the rights of the corporation against stockholders who received the dividend on, or assets for the sale or redemption of, their stock with knowledge of facts indicating that such dividend, stock purchase or redemption was unlawful under this chapter, in proportion to the amounts received by such stockholders respectively.

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Corporations.

CHAPTER 1. GENERAL CORPORATION LAW.

Subchapter VI. Stock Transfers.

§ 201 Transfer of stock, stock certificates and uncertificated stock.

Except as otherwise provided in this chapter, the transfer of stock and the certificates of stock which represent the stock or uncertificated stock shall be governed by Article 8 of subtitle I of Title 6. To the extent that any provision of this chapter is inconsistent with any provision of subtitle I of Title 6, this chapter shall be controlling.

§ 202 Restrictions on transfer and ownership of securities.

(a) A written restriction or restrictions on the transfer or registration of transfer of a security of a corporation, or on the amount of the corporation's securities that may be owned by any person or group of persons, if permitted by this section and noted conspicuously on the certificate or certificates representing the security or securities so restricted or, in the case of uncertificated shares, contained in the notice or notices given pursuant to § 151(f) of this title, may be enforced against the holder of the restricted security or securities or any successor or transferee of the holder including an executor, administrator, trustee, guardian or other fiduciary entrusted with like responsibility for the person or estate of the holder. Unless noted conspicuously on the certificate or certificates representing the security or securities so restricted or, in the case of uncertificated shares, contained in the notice or notices given pursuant to § 151(f) of this title, a restriction, even though permitted by this section, is ineffective except against a person with actual knowledge of the restriction.

(b) A restriction on the transfer or registration of transfer of securities of a corporation, or on the amount of a corporation's securities that may be owned by any person or group of persons, may be imposed by the certificate of incorporation or by the bylaws or by an agreement among any number of security holders or among such holders and the corporation. No restrictions so imposed shall be binding with respect to securities issued prior to the adoption of the restriction unless the holders of the securities are parties to an agreement or voted in favor of the restriction.

(c) A restriction on the transfer or registration of transfer of securities of a corporation or on the amount of such securities that may be owned by any person or group of persons is permitted by this section if it:

(1) Obligates the holder of the restricted securities to offer to the corporation or to any other holders of securities of the corporation or to any other person or to any combination of the foregoing, a prior opportunity, to be exercised within a reasonable time, to acquire the restricted securities; أو.

(2) Obligates the corporation or any holder of securities of the corporation or any other person or any combination of the foregoing, to purchase the securities which are the subject of an agreement respecting the purchase and sale of the restricted securities; أو.

(3) Requires the corporation or the holders of any class or series of securities of the corporation to consent to any proposed transfer of the restricted securities or to approve the proposed transferee of the restricted securities, or to approve the amount of securities of the corporation that may be owned by any person or group of persons; أو.

(4) Obligates the holder of the restricted securities to sell or transfer an amount of restricted securities to the corporation or to any other holders of securities of the corporation or to any other person or to any combination of the foregoing, or causes or results in the automatic sale or transfer of an amount of restricted securities to the corporation or to any other holders of securities of the corporation or to any other person or to any combination of the foregoing; أو.

(5) Prohibits or restricts the transfer of the restricted securities to, or the ownership of restricted securities by, designated persons or classes of persons or groups of persons, and such designation is not manifestly unreasonable.

(d) Any restriction on the transfer or the registration of transfer of the securities of a corporation, or on the amount of securities of a corporation that may be owned by a person or group of persons, for any of the following purposes shall be conclusively presumed to be for a reasonable purpose:

(1) Maintaining any local, state, federal or foreign tax advantage to the corporation or its stockholders, including without limitation:

a. Maintaining the corporation's status as an electing small business corporation under subchapter S of the United States Internal Revenue Code [26 U. S.C. § 1371 et seq.], or.

b. Maintaining or preserving any tax attribute (including without limitation net operating losses), or.

c. Qualifying or maintaining the qualification of the corporation as a real estate investment trust pursuant to the United States Internal Revenue Code or regulations adopted pursuant to the United States Internal Revenue Code, or.

(2) Maintaining any statutory or regulatory advantage or complying with any statutory or regulatory requirements under applicable local, state, federal or foreign law.

(e) Any other lawful restriction on transfer or registration of transfer of securities, or on the amount of securities that may be owned by any person or group of persons, is permitted by this section.

§ 203 Business combinations with interested stockholders.

(a) Notwithstanding any other provisions of this chapter, a corporation shall not engage in any business combination with any interested stockholder for a period of 3 years following the time that such stockholder became an interested stockholder, unless:

(1) Prior to such time the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

(2) Upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; أو.

(3) At or subsequent to such time the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

(b) The restrictions contained in this section shall not apply if:

(1) The corporation's original certificate of incorporation contains a provision expressly electing not to be governed by this section;

(2) The corporation, by action of its board of directors, adopts an amendment to its bylaws within 90 days of February 2, 1988, expressly electing not to be governed by this section, which amendment shall not be further amended by the board of directors;

(3) The corporation, by action of its stockholders, adopts an amendment to its certificate of incorporation or bylaws expressly electing not to be governed by this section; provided that, in addition to any other vote required by law, such amendment to the certificate of incorporation or bylaws must be adopted by the affirmative vote of a majority of the outstanding stock entitled to vote thereon. In the case of a corporation that both (i) has never had a class of voting stock that falls within any of the 2 categories set out in paragraph (b)(4) of this section, and (ii) has not elected by a provision in its original certificate of incorporation or any amendment thereto to be governed by this section, such amendment shall become effective upon (i) in the case of an amendment to the certificate of incorporation, the date and time at which the certificate filed in accordance with § 103 of this title becomes effective thereunder or (ii) in the case of an amendment to the bylaws, the date of the adoption of such amendment. In all other cases, an amendment adopted pursuant to this paragraph shall become effective (i) in the case of an amendment to the certificate of incorporation, 12 months after the date and time at which the certificate filed in accordance with § 103 of this title becomes effective thereunder or (ii) in the case of an amendment to the bylaws, 12 months after the date of the adoption of such amendment, and, in either case, the election not to be governed by this section shall not apply to any business combination between such corporation and any person who became an interested stockholder of such corporation on or before (A) in the case of an amendment to the certificate of incorporation, the date and time at which the certificate filed in accordance with § 103 of this title becomes effective thereunder; or (B) in the case of an amendment to the bylaws, the date of the adoption of such amendment. A bylaw amendment adopted pursuant to this paragraph shall not be further amended by the board of directors;

(4) The corporation does not have a class of voting stock that is: (i) Listed on a national securities exchange; or (ii) held of record by more than 2,000 stockholders, unless any of the foregoing results from action taken, directly or indirectly, by an interested stockholder or from a transaction in which a person becomes an interested stockholder;

(5) A stockholder becomes an interested stockholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares so that the stockholder ceases to be an interested stockholder; and (ii) would not, at any time within the 3-year period immediately prior to a business combination between the corporation and such stockholder, have been an interested stockholder but for the inadvertent acquisition of ownership;

(6) The business combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required hereunder of a proposed transaction which (i) constitutes 1 of the transactions described in the second sentence of this paragraph; (ii) is with or by a person who either was not an interested stockholder during the previous 3 years or who became an interested stockholder with the approval of the corporation's board of directors or during the period described in paragraph (b)(7) of this section; and (iii) is approved or not opposed by a majority of the members of the board of directors then in office (but not less than 1) who were directors prior to any person becoming an interested stockholder during the previous 3 years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to (x) a merger or consolidation of the corporation (except for a merger in respect of which, pursuant to § 251(f) of this title, no vote of the stockholders of the corporation is required); (y) a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in 1 transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of the corporation or of any direct or indirect majority-owned subsidiary of the corporation (other than to any direct or indirect wholly-owned subsidiary or to the corporation) having an aggregate market value equal to 50% or more of either that aggregate market value of all of the assets of the corporation determined on a consolidated basis or the aggregate market value of all the outstanding stock of the corporation; or (z) a proposed tender or exchange offer for 50% or more of the outstanding voting stock of the corporation. The corporation shall give not less than 20 days' notice to all interested stockholders prior to the consummation of any of the transactions described in clause (x) or (y) of the second sentence of this paragraph; أو.

(7) The business combination is with an interested stockholder who became an interested stockholder at a time when the restrictions contained in this section did not apply by reason of any of paragraphs (b)(1) through (4) of this section, provided, however, that this paragraph (b)(7) shall not apply if, at the time such interested stockholder became an interested stockholder, the corporation's certificate of incorporation contained a provision authorized by the last sentence of this subsection (b).

Notwithstanding paragraphs (b)(1), (2), (3) and (4) of this section, a corporation may elect by a provision of its original certificate of incorporation or any amendment thereto to be governed by this section; provided that any such amendment to the certificate of incorporation shall not apply to restrict a business combination between the corporation and an interested stockholder of the corporation if the interested stockholder became such before the date and time at which the certificate filed in accordance with § 103 of this title becomes effective thereunder.

(1) "Affiliate" means a person that directly, or indirectly through 1 or more intermediaries, controls, or is controlled by, or is under common control with, another person.

(2) "Associate," when used to indicate a relationship with any person, means: (i) Any corporation, partnership, unincorporated association or other entity of which such person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any class of voting stock; (ii) any trust or other estate in which such person has at least a 20% beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity; and (iii) any relative or spouse of such person, or any relative of such spouse, who has the same residence as such person.

(3) "Business combination," when used in reference to any corporation and any interested stockholder of such corporation, means:

(i) Any merger or consolidation of the corporation or any direct or indirect majority-owned subsidiary of the corporation with (A) the interested stockholder, or (B) with any other corporation, partnership, unincorporated association or other entity if the merger or consolidation is caused by the interested stockholder and as a result of such merger or consolidation subsection (a) of this section is not applicable to the surviving entity;

(ii) Any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in 1 transaction or a series of transactions), except proportionately as a stockholder of such corporation, to or with the interested stockholder, whether as part of a dissolution or otherwise, of assets of the corporation or of any direct or indirect majority-owned subsidiary of the corporation which assets have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the corporation determined on a consolidated basis or the aggregate market value of all the outstanding stock of the corporation;

(iii) Any transaction which results in the issuance or transfer by the corporation or by any direct or indirect majority-owned subsidiary of the corporation of any stock of the corporation or of such subsidiary to the interested stockholder, except: (A) Pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into stock of such corporation or any such subsidiary which securities were outstanding prior to the time that the interested stockholder became such; (B) pursuant to a merger under § 251(g) of this title; (C) pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into stock of such corporation or any such subsidiary which security is distributed, pro rata to all holders of a class or series of stock of such corporation subsequent to the time the interested stockholder became such; (D) pursuant to an exchange offer by the corporation to purchase stock made on the same terms to all holders of said stock; or (E) any issuance or transfer of stock by the corporation; provided however, that in no case under items (C)-(E) of this subparagraph shall there be an increase in the interested stockholder's proportionate share of the stock of any class or series of the corporation or of the voting stock of the corporation;

(iv) Any transaction involving the corporation or any direct or indirect majority-owned subsidiary of the corporation which has the effect, directly or indirectly, of increasing the proportionate share of the stock of any class or series, or securities convertible into the stock of any class or series, of the corporation or of any such subsidiary which is owned by the interested stockholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares of stock not caused, directly or indirectly, by the interested stockholder; أو.

(v) Any receipt by the interested stockholder of the benefit, directly or indirectly (except proportionately as a stockholder of such corporation), of any loans, advances, guarantees, pledges or other financial benefits (other than those expressly permitted in paragraphs (c)(3)(i)-(iv) of this section) provided by or through the corporation or any direct or indirect majority-owned subsidiary.

(4) "Control," including the terms "controlling," "controlled by" and "under common control with," means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting stock, by contract or otherwise. A person who is the owner of 20% or more of the outstanding voting stock of any corporation, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary; Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting stock, in good faith and not for the purpose of circumventing this section, as an agent, bank, broker, nominee, custodian or trustee for 1 or more owners who do not individually or as a group have control of such entity.

(5) "Interested stockholder" means any person (other than the corporation and any direct or indirect majority-owned subsidiary of the corporation) that (i) is the owner of 15% or more of the outstanding voting stock of the corporation, or (ii) is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within the 3-year period immediately prior to the date on which it is sought to be determined whether such person is an interested stockholder, and the affiliates and associates of such person; provided, however, that the term "interested stockholder" shall not include (x) any person who (A) owned shares in excess of the 15% limitation set forth herein as of, or acquired such shares pursuant to a tender offer commenced prior to, December 23, 1987, or pursuant to an exchange offer announced prior to the aforesaid date and commenced within 90 days thereafter and either (I) continued to own shares in excess of such 15% limitation or would have but for action by the corporation or (II) is an affiliate or associate of the corporation and so continued (or so would have continued but for action by the corporation) to be the owner of 15% or more of the outstanding voting stock of the corporation at any time within the 3-year period immediately prior to the date on which it is sought to be determined whether such a person is an interested stockholder or (B) acquired said shares from a person described in item (A) of this paragraph by gift, inheritance or in a transaction in which no consideration was exchanged; or (y) any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely by the corporation; provided that such person shall be an interested stockholder if thereafter such person acquires additional shares of voting stock of the corporation, except as a result of further corporate action not caused, directly or indirectly, by such person. For the purpose of determining whether a person is an interested stockholder, the voting stock of the corporation deemed to be outstanding shall include stock deemed to be owned by the person through application of paragraph (9) of this subsection but shall not include any other unissued stock of such corporation which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.

(6) "Person" means any individual, corporation, partnership, unincorporated association or other entity.

(7) "Stock" means, with respect to any corporation, capital stock and, with respect to any other entity, any equity interest.

(8) "Voting stock" means, with respect to any corporation, stock of any class or series entitled to vote generally in the election of directors and, with respect to any entity that is not a corporation, any equity interest entitled to vote generally in the election of the governing body of such entity. Every reference to a percentage of voting stock shall refer to such percentage of the votes of such voting stock.

(9) "Owner," including the terms "own" and "owned," when used with respect to any stock, means a person that individually or with or through any of its affiliates or associates:

(i) Beneficially owns such stock, directly or indirectly; أو.

(ii) Has (A) the right to acquire such stock (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a person shall not be deemed the owner of stock tendered pursuant to a tender or exchange offer made by such person or any of such person's affiliates or associates until such tendered stock is accepted for purchase or exchange; or (B) the right to vote such stock pursuant to any agreement, arrangement or understanding; provided, however, that a person shall not be deemed the owner of any stock because of such person's right to vote such stock if the agreement, arrangement or understanding to vote such stock arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to 10 or more persons; أو.

(iii) Has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in item (B) of subparagraph (ii) of this paragraph), or disposing of such stock with any other person that beneficially owns, or whose affiliates or associates beneficially own, directly or indirectly, such stock.

(d) No provision of a certificate of incorporation or bylaw shall require, for any vote of stockholders required by this section, a greater vote of stockholders than that specified in this section.

(e) The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all matters with respect to this section.

§ 204 Ratification of defective corporate acts and stock [For application of this section, see 80 Del. Laws, c. 40, § 16]

(a) Subject to subsection (f) of this section, no defective corporate act or putative stock shall be void or voidable solely as a result of a failure of authorization if ratified as provided in this section or validated by the Court of Chancery in a proceeding brought under § 205 of this title.

(b)(1) In order to ratify 1 or more defective corporate acts pursuant to this section (other than the ratification of an election of the initial board of directors pursuant to paragraph (b)(2) of this section), the board of directors of the corporation shall adopt resolutions stating:

(A) The defective corporate act or acts to be ratified;

(B) The date of each defective corporate act or acts;

(C) If such defective corporate act or acts involved the issuance of shares of putative stock, the number and type of shares of putative stock issued and the date or dates upon which such putative shares were purported to have been issued;

(D) The nature of the failure of authorization in respect of each defective corporate act to be ratified; و.

(E) That the board of directors approves the ratification of the defective corporate act or acts.

Such resolutions may also provide that, at any time before the validation effective time in respect of any defective corporate act set forth therein, notwithstanding the approval of the ratification of such defective corporate act by stockholders, the board of directors may abandon the ratification of such defective corporate act without further action of the stockholders. The quorum and voting requirements applicable to the ratification by the board of directors of any defective corporate act shall be the quorum and voting requirements applicable to the type of defective corporate act proposed to be ratified at the time the board adopts the resolutions ratifying the defective corporate act; provided that if the certificate of incorporation or bylaws of the corporation, any plan or agreement to which the corporation was a party or any provision of this title, in each case as in effect as of the time of the defective corporate act, would have required a larger number or portion of directors or of specified directors for a quorum to be present or to approve the defective corporate act, such larger number or portion of such directors or such specified directors shall be required for a quorum to be present or to adopt the resolutions to ratify the defective corporate act, as applicable, except that the presence or approval of any director elected, appointed or nominated by holders of any class or series of which no shares are then outstanding, or by any person that is no longer a stockholder, shall not be required.

(2) In order to ratify a defective corporate act in respect of the election of the initial board of directors of the corporation pursuant to § 108 of this title, a majority of the persons who, at the time the resolutions required by this paragraph (b)(2) of this section are adopted, are exercising the powers of directors under claim and color of an election or appointment as such may adopt resolutions stating:

(A) The name of the person or persons who first took action in the name of the corporation as the initial board of directors of the corporation;

(B) The earlier of the date on which such persons first took such action or were purported to have been elected as the initial board of directors; و.

(c) Each defective corporate act ratified pursuant to paragraph (b)(1) of this section shall be submitted to stockholders for approval as provided in subsection (d) of this section, unless:

(1) No other provision of this title, and no provision of the certificate of incorporation or bylaws of the corporation, or of any plan or agreement to which the corporation is a party, would have required stockholder approval of such defective corporate act to be ratified, either at the time of such defective corporate act or at the time the board of directors adopts the resolutions ratifying such defective corporate act pursuant to paragraph (b)(1) of this section; و.

(2) Such defective corporate act did not result from a failure to comply with § 203 of this title.

(d) If the ratification of a defective corporate act is required to be submitted to stockholders for approval pursuant to subsection (c) of this section, due notice of the time, place, if any, and purpose of the meeting shall be given at least 20 days before the date of the meeting to each holder of valid stock and putative stock, whether voting or nonvoting, at the address of such holder as it appears or most recently appeared, as appropriate, on the records of the corporation. The notice shall also be given to the holders of record of valid stock and putative stock, whether voting or nonvoting, as of the time of the defective corporate act, other than holders whose identities or addresses cannot be determined from the records of the corporation. The notice shall contain a copy of the resolutions adopted by the board of directors pursuant to paragraph (b)(1) of this section or the information required by paragraph (b)(1)(A) through (E) of this section and a statement that any claim that the defective corporate act or putative stock ratified hereunder is void or voidable due to the failure of authorization, or that the Court of Chancery should declare in its discretion that a ratification in accordance with this section not be effective or be effective only on certain conditions must be brought within 120 days from the applicable validation effective time. At such meeting, the quorum and voting requirements applicable to ratification of such defective corporate act shall be the quorum and voting requirements applicable to the type of defective corporate act proposed to be ratified at the time of the approval of the ratification, except that:

(1) If the certificate of incorporation or bylaws of the corporation, any plan or agreement to which the corporation was a party or any provision of this title in effect as of the time of the defective corporate act would have required a larger number or portion of stock or of any class or series thereof or of specified stockholders for a quorum to be present or to approve the defective corporate act, the presence or approval of such larger number or portion of stock or of such class or series thereof or of such specified stockholders shall be required for a quorum to be present or to approve the ratification of the defective corporate act, as applicable, except that the presence or approval of shares of any class or series of which no shares are then outstanding, or of any person that is no longer a stockholder, shall not be required;

(2) The approval by stockholders of the ratification of the election of a director shall require the affirmative vote of the majority of shares present at the meeting and entitled to vote on the election of such director, except that if the certificate of incorporation or bylaws of the corporation then in effect or in effect at the time of the defective election require or required a larger number or portion of stock or of any class or series thereof or of specified stockholders to elect such director, the affirmative vote of such larger number or portion of stock or of any class or series thereof or of such specified stockholders shall be required to ratify the election of such director, except that the presence or approval of shares of any class or series of which no shares are then outstanding, or of any person that is no longer a stockholder, shall not be required; و.

(3) In the event of a failure of authorization resulting from failure to comply with the provisions of § 203 of this title, the ratification of the defective corporate act shall require the vote set forth in § 203(a)(3) of this title, regardless of whether such vote would have otherwise been required.

Shares of putative stock on the record date for determining stockholders entitled to vote on any matter submitted to stockholders pursuant to subsection (c) of this section (and without giving effect to any ratification that becomes effective after such record date) shall neither be entitled to vote nor counted for quorum purposes in any vote to ratify any defective corporate act.

(e) If a defective corporate act ratified pursuant to this section would have required under any other section of this title the filing of a certificate in accordance with § 103 of this title, then, whether or not a certificate was previously filed in respect of such defective corporate act and in lieu of filing the certificate otherwise required by this title, the corporation shall file a certificate of validation with respect to such defective corporate act in accordance with § 103 of this title. A separate certificate of validation shall be required for each defective corporate act requiring the filing of a certificate of validation under this section, except that (i) 2 or more defective corporate acts may be included in a single certificate of validation if the corporation filed, or to comply with this title would have filed, a single certificate under another provision of this title to effect such acts, and (ii) 2 or more overissues of shares of any class, classes or series of stock may be included in a single certificate of validation, provided that the increase in the number of authorized shares of each such class or series set forth in the certificate of validation shall be effective as of the date of the first such overissue. The certificate of validation shall set forth:

(1) Each defective corporate act that is the subject of the certificate of validation (including, in the case of any defective corporate act involving the issuance of shares of putative stock, the number and type of shares of putative stock issued and the date or dates upon which such putative shares were purported to have been issued), the date of such defective corporate act, and the nature of the failure of authorization in respect of such defective corporate act;

(2) A statement that such defective corporate act was ratified in accordance with this section, including the date on which the board of directors ratified such defective corporate act and the date, if any, on which the stockholders approved the ratification of such defective corporate act; و.

(3) Information required by 1 of the following paragraphs:

a. If a certificate was previously filed under § 103 of this title in respect of such defective corporate act and no changes to such certificate are required to give effect to such defective corporate act in accordance with this section, the certificate of validation shall set forth (x) the name, title and filing date of the certificate previously filed and of any certificate of correction thereto and (y) a statement that a copy of the certificate previously filed, together with any certificate of correction thereto, is attached as an exhibit to the certificate of validation;

b. If a certificate was previously filed under § 103 of this title in respect of the defective corporate act and such certificate requires any change to give effect to the defective corporate act in accordance with this section (including a change to the date and time of the effectiveness of such certificate), the certificate of validation shall set forth (x) the name, title and filing date of the certificate so previously filed and of any certificate of correction thereto, (y) a statement that a certificate containing all of the information required to be included under the applicable section or sections of this title to give effect to the defective corporate act is attached as an exhibit to the certificate of validation, and (z) the date and time that such certificate shall be deemed to have become effective pursuant to this section; أو.

c. If a certificate was not previously filed under § 103 of this title in respect of the defective corporate act and the defective corporate act ratified pursuant to this section would have required under any other section of this title the filing of a certificate in accordance with § 103 of this title, the certificate of validation shall set forth (x) a statement that a certificate containing all of the information required to be included under the applicable section or sections of this title to give effect to the defective corporate act is attached as an exhibit to the certificate of validation, and (y) the date and time that such certificate shall be deemed to have become effective pursuant to this section.

A certificate attached to a certificate of validation pursuant to paragraph (e)(3)b. or c. of this section need not be separately executed and acknowledged and need not include any statement required by any other section of this title that such instrument has been approved and adopted in accordance with the provisions of such other section.

(f) From and after the validation effective time, unless otherwise determined in an action brought pursuant to § 205 of this title:

(1) Subject to the last sentence of subsection (d) of this section, each defective corporate act ratified in accordance with this section shall no longer be deemed void or voidable as a result of the failure of authorization described in the resolutions adopted pursuant to subsection (b) of this section and such effect shall be retroactive to the time of the defective corporate act; و.

(2) Subject to the last sentence of subsection (d) of this section, each share or fraction of a share of putative stock issued or purportedly issued pursuant to any such defective corporate act shall no longer be deemed void or voidable and shall be deemed to be an identical share or fraction of a share of outstanding stock as of the time it was purportedly issued.

(g) In respect of each defective corporate act ratified by the board of directors pursuant to subsection (b) of this section, prompt notice of the ratification shall be given to all holders of valid stock and putative stock, whether voting or nonvoting, as of the date the board of directors adopts the resolutions approving such defective corporate act, or as of a date within 60 days after such date of adoption, as established by the board of directors, at the address of such holder as it appears or most recently appeared, as appropriate, on the records of the corporation. The notice shall also be given to the holders of record of valid stock and putative stock, whether voting or nonvoting, as of the time of the defective corporate act, other than holders whose identities or addresses cannot be determined from the records of the corporation. The notice shall contain a copy of the resolutions adopted pursuant to subsection (b) of this section or the information specified in paragraphs (b)(1)(A) through (E) or paragraphs (b)(2)(A) through (C) of this section, as applicable, and a statement that any claim that the defective corporate act or putative stock ratified hereunder is void or voidable due to the failure of authorization, or that the Court of Chancery should declare in its discretion that a ratification in accordance with this section not be effective or be effective only on certain conditions must be brought within 120 days from the later of the validation effective time or the time at which the notice required by this subsection is given. Notwithstanding the foregoing, (i) no such notice shall be required if notice of the ratification of the defective corporate act is to be given in accordance with subsection (d) of this section, and (ii) in the case of a corporation that has a class of stock listed on a national securities exchange, the notice required by this subsection may be deemed given if disclosed in a document publicly filed by the corporation with the Securities and Exchange Commission pursuant to §§ 13, 14 or 15(d) [15 U. S.C. §§ 78m, 77n or 78o(d)] of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, or the corresponding provisions of any subsequent United States federal securities laws, rules or regulations. If any defective corporate act has been approved by stockholders acting pursuant to § 228 of this title, the notice required by this subsection may be included in any notice required to be given pursuant to § 228(e) of this title and, if so given, shall be sent to the stockholders entitled thereto under § 228(e) and to all holders of valid and putative stock to whom notice would be required under this subsection if the defective corporate act had been approved at a meeting other than any stockholder who approved the action by consent in lieu of a meeting pursuant to § 228 of this title or any holder of putative stock who otherwise consented thereto in writing. Solely for purposes of subsection (d) of this section and this subsection, notice to holders of putative stock, and notice to holders of valid stock and putative stock as of the time of the defective corporate act, shall be treated as notice to holders of valid stock for purposes of §§ 222 and 228, 229, 230, 232 and 233 of this title.

(h) As used in this section and in § 205 of this title only, the term:

(1) "Defective corporate act" means an overissue, an election or appointment of directors that is void or voidable due to a failure of authorization, or any act or transaction purportedly taken by or on behalf of the corporation that is, and at the time such act or transaction was purportedly taken would have been, within the power of a corporation under subchapter II of this chapter, but is void or voidable due to a failure of authorization;

(2) "Failure of authorization" means: (i) the failure to authorize or effect an act or transaction in compliance with the provisions of this title, the certificate of incorporation or bylaws of the corporation, or any plan or agreement to which the corporation is a party, if and to the extent such failure would render such act or transaction void or voidable; or (ii) the failure of the board of directors or any officer of the corporation to authorize or approve any act or transaction taken by or on behalf of the corporation that would have required for its due authorization the approval of the board of directors or such officer;

(3) "Overissue" means the purported issuance of:

a. Shares of capital stock of a class or series in excess of the number of shares of such class or series the corporation has the power to issue under § 161 of this title at the time of such issuance; أو.

b. Shares of any class or series of capital stock that is not then authorized for issuance by the certificate of incorporation of the corporation;

(4) "Putative stock" means the shares of any class or series of capital stock of the corporation (including shares issued upon exercise of options, rights, warrants or other securities convertible into shares of capital stock of the corporation, or interests with respect thereto that were created or issued pursuant to a defective corporate act) that:

a. But for any failure of authorization, would constitute valid stock; أو.

b. Cannot be determined by the board of directors to be valid stock;

(5) "Time of the defective corporate act" means the date and time the defective corporate act was purported to have been taken;

(6) "Validation effective time" with respect to any defective corporate act ratified pursuant to this section means the latest of:

a. The time at which the defective corporate act submitted to the stockholders for approval pursuant to subsection (c) of this section is approved by such stockholders or if no such vote of stockholders is required to approve the ratification of the defective corporate act, the time at which the board of directors adopts the resolutions required by paragraph (b)(1) or (b)(2) of this section;

b. Where no certificate of validation is required to be filed pursuant to subsection (e) of this section, the time, if any, specified by the board of directors in the resolutions adopted pursuant to paragraph (b)(1) or (b)(2) of this section, which time shall not precede the time at which such resolutions are adopted; و.

c. The time at which any certificate of validation filed pursuant to subsection (e) of this section shall become effective in accordance with § 103 of this title.

(7) "Valid stock" means the shares of any class or series of capital stock of the corporation that have been duly authorized and validly issued in accordance with this title.

In the absence of actual fraud in the transaction, the judgment of the board of directors that shares of stock are valid stock or putative stock shall be conclusive, unless otherwise determined by the Court of Chancery in a proceeding brought pursuant to § 205 of this title.

(i) Ratification under this section or validation under § 205 of this title shall not be deemed to be the exclusive means of ratifying or validating any act or transaction taken by or on behalf of the corporation, including any defective corporate act, or any issuance of stock, including any putative stock, or of adopting or endorsing any act or transaction taken by or in the name of the corporation prior to the commencement of its existence, and the absence or failure of ratification in accordance with either this section or validation under § 205 of this title shall not, of itself, affect the validity or effectiveness of any act or transaction or the issuance of any stock properly ratified under common law or otherwise, nor shall it create a presumption that any such act or transaction is or was a defective corporate act or that such stock is void or voidable.

§ 205 Proceedings regarding validity of defective corporate acts and stock [For application of this section, see 80 Del. Laws, c. 40, § 16]

(a) Subject to subsection (f) of this section, upon application by the corporation, any successor entity to the corporation, any member of the board of directors, any record or beneficial holder of valid stock or putative stock, any record or beneficial holder of valid or putative stock as of the time of a defective corporate act ratified pursuant to § 204 of this title, or any other person claiming to be substantially and adversely affected by a ratification pursuant to § 204 of this title, the Court of Chancery may:

(1) Determine the validity and effectiveness of any defective corporate act ratified pursuant to § 204 of this title;

(2) Determine the validity and effectiveness of the ratification of any defective corporate act pursuant to § 204 of this title;

(3) Determine the validity and effectiveness of any defective corporate act not ratified or not ratified effectively pursuant to § 204 of this title;

(4) Determine the validity of any corporate act or transaction and any stock, rights or options to acquire stock; و.

(5) Modify or waive any of the procedures set forth in § 204 of this title to ratify a defective corporate act.

(b) In connection with an action under this section, the Court of Chancery may:

(1) Declare that a ratification in accordance with and pursuant to § 204 of this title is not effective or shall only be effective at a time or upon conditions established by the Court;

(2) Validate and declare effective any defective corporate act or putative stock and impose conditions upon such validation by the Court;

(3) Require measures to remedy or avoid harm to any person substantially and adversely affected by a ratification pursuant to § 204 of this title or from any order of the Court pursuant to this section, excluding any harm that would have resulted if the defective corporate act had been valid when approved or effectuated;

(4) Order the Secretary of State to accept an instrument for filing with an effective time specified by the Court, which effective time may be prior or subsequent to the time of such order, provided that the filing date of such instrument shall be determined in accordance with § 103(c)(3) of this title;

(5) Approve a stock ledger for the corporation that includes any stock ratified or validated in accordance with this section or with § 204 of this title;

(6) Declare that shares of putative stock are shares of valid stock or require a corporation to issue and deliver shares of valid stock in place of any shares of putative stock;

(7) Order that a meeting of holders of valid stock or putative stock be held and exercise the powers provided to the Court under § 227 of this title with respect to such a meeting;

(8) Declare that a defective corporate act validated by the Court shall be effective as of the time of the defective corporate act or at such other time as the Court shall determine;

(9) Declare that putative stock validated by the Court shall be deemed to be an identical share or fraction of a share of valid stock as of the time originally issued or purportedly issued or at such other time as the Court shall determine; و.

(10) Make such other orders regarding such matters as it deems proper under the circumstances.

(c) Service of the application under subsection (a) of this section upon the registered agent of the corporation shall be deemed to be service upon the corporation, and no other party need be joined in order for the Court of Chancery to adjudicate the matter. In an action filed by the corporation, the Court may require notice of the action be provided to other persons specified by the Court and permit such other persons to intervene in the action.

(d) In connection with the resolution of matters pursuant to subsections (a) and (b) of this section, the Court of Chancery may consider the following:

(1) Whether the defective corporate act was originally approved or effectuated with the belief that the approval or effectuation was in compliance with the provisions of this title, the certificate of incorporation or bylaws of the corporation;

(2) Whether the corporation and board of directors has treated the defective corporate act as a valid act or transaction and whether any person has acted in reliance on the public record that such defective corporate act was valid;

(3) Whether any person will be or was harmed by the ratification or validation of the defective corporate act, excluding any harm that would have resulted if the defective corporate act had been valid when approved or effectuated;

(4) Whether any person will be harmed by the failure to ratify or validate the defective corporate act; و.

(5) Any other factors or considerations the Court deems just and equitable.

(e) The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions brought under this section.

(f) Notwithstanding any other provision of this section, no action asserting:

(1) That a defective corporate act or putative stock ratified in accordance with § 204 of this title is void or voidable due to a failure of authorization identified in the resolution adopted in accordance with 204(b) of this title; أو.

(2) That the Court of Chancery should declare in its discretion that a ratification in accordance with § 204 of this title not be effective or be effective only on certain conditions,

may be brought after the expiration of 120 days from the later of the validation effective time and the time notice, if any, that is required to be given pursuant to § 204(g) of this title is given with respect to such ratification, except that this subsection shall not apply to an action asserting that a ratification was not accomplished in accordance with § 204 of this title or to any person to whom notice of the ratification was required to have been given pursuant to § 204(d) or (g) of this title, but to whom such notice was not given.

Stock Options: Don’t Forget Board Approval.

If you are in the process of awarding stock options to employees or service providers, do not forget that you need (among other things) board approval of all stock option grants. This is required by the corporate law of Delaware, Washington, and I imagine almost every state corporate law in the country.

(In this post, I am not talking about LLC equity awards; LLC equity awards are something entirely different from corporate stock options.)

Board approval of stock options can be documented in minutes of a board meeting, or a unanimous written consent of the board.

You can find good examples of board minutes granting options, or board consents granting options, if you search on Google. But I would recommend you use your company’s law firm’s documents. They will have them to share with you. And they would probably prefer you use their forms, since they might be called upon at some future point in time to give a legal opinion on your capitalization, and it will help them do that if they have been involved with your equity issuances.

Why is it important that you promptly and fastidiously document board approval of stock option grants? Well, because if the options haven’t been approved by the board, they haven’t been appropriately awarded under the corporate law. This can give rise to a variety of complexities and problems.

In general, it is a good idea to check in with your corporate counsel before granting stock options. This does not have to be an expensive process, but the costs of not administering your stock option plan in compliance with all of the technical requirements can become very expensive.

For example, if you run over the Rule 701 mathematical limitations, it could actually delay your IPO or result in personal fines. This actually happened to Google. You can find more information about this in this Practical Law Article .

Below is a full-blown stock option grant checklist.

Delaware General Corporate Law Amendment Permits Designated Officer To Make Stock Option Grants.

Effective July 1, 2001, Section 157 of the Delaware General Corporation Law was amended to permit the Board of Directors, by adopting a resolution, to delegate to one or more officers of the corporation, the right to select officers or employees to be recipients of stock options or other rights to purchase stock of the corporation and to determine the number of such options or rights to be received by the recipients. The limitations on the authority of the designated officer are that: (1) the officer may not select himself or herself as a recipient; (2) the authorizing resolution must specify the total number of shares that may be granted pursuant to such delegation of authority; and (3) the price at which the options or rights may be granted must be established by the Board or a committee of the Board (but directing the issuance of options at the fair market value of the stock on the date of grant, or pursuant to another formula for establishing the price, should be sufficient). The grant of an option to a person who is not an officer or employee of the corporation or any of its subsidiaries (e. g., an investor, finder or consultant) must still be approved by the Board of Directors.

Although the Delaware statute now permits delegation of authority to an officer or group of officers, the grant of stock options and rights to purchase stock to executive officers of a reporting company should continue to be made by the Board or the Compensation Committee in order to satisfy the requirements of SEC Rule 16b-3(d)(1). That rule exempts a grant or other acquisition from the issuer if it is approved by the Board of Directors or a committee composed solely of two or more Non-employee Directors. In addition, the Board or the Compensation Committee of a reporting company should also continue to make any grants to the executive officers named in the corporation's proxy statement in order to be eligible for the exclusion from the $1 million deduction cap under Section 162(m) of the Internal Revenue Code. That exclusion is available if compensation is payable to an executive under performance goals approved by a committee composed solely of two or more "outside directors."

Subject to the limitations for SEC insiders described above, it may be appropriate to consider delegating the authority to make option grants to an officer or group of officers in lieu of having such grants made by the Board or the Compensation Committee. The principal reason for doing this would be administrative convenience. The change would unburden the Board from having to approve long lists of individual option grants and would allow the designated officer(s) to make more frequent grants in connection with new hires, employee retention and promotions. However, the amount of time that would actually be saved may be limited since the Board must set a ceiling on the number of options to be issued pursuant to any such delegation. In addition, unless the participants are seeking more frequent grants, there would be additional administrative costs involved (in terms of preparing and filing forms 4 and 144 and more lengthy proxy disclosure) if grants are made at less regular intervals during the year. That may be a disadvantage of the change. Depending on the language of the corporation's stock option plan, an amendment to the plan may be required in order to permit the delegation of authority to make grants.

The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require and further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative.

The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

الخيار الثنائي Qurain

Sunday 18 March 2018

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