Meyer signs corporate law bill after 'Dexit' debate in the House
March 26, 2025
|By Katie Tabeling
DOVER — Gov. Matt Meyer signed a bill that made controversial amendments to the corporate law Tuesday night, just hours after Delaware legislature approved the measure under the watchful eyes of corporate America.
The Delaware House of Representatives passed Senate Bill 21 without the multiple amendments proposed in the last week designed to offer more shareholder protections. The bill passed 32-7. Rep. Stell Parker Selby (D-Milton) was absent for the final vote as she continues to deal with apparent health concerns, and Rep. Madinah Wilson-Anton (D-Newark/Bear) did not vote.
Meyer reportedly arrived in Dover to sign the measure into law less than two hours after it passed. SB 21 was a top priority for his administration – it was announced last month as a way to ensure that Delaware continues to compete at the highest level for incorporating businesses while Texas and Nevada are shaping up as competitors.
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But many critics, including legal scholars and plaintiff attorneys, denounced the measure as a way to work around the Court of Chancery in light of major companies losing major disputes and being court-ordered to pay record legal fees as a result. In the last few weeks, there was a marketing campaign that decries SB 21 as a “giveaway for billionaires,” suggesting it weakens protections for retail shareholders and those who have pension plans and 401(K)s.
https://delawarebusinesstimes.com/news/meyer-signs-corporate-law-bill-after-dexit-debate-in-the-house/
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