By Alan Stone, Neil Whoriskey and Iliana Ongun (September 1, 2022, 6:41 PM EDT) – The Delaware General Assembly recently passed amendments to the Delaware General Corporations Act, which went into effect August 1.
Among other changes, the amended DGCL provides for the exemption of directors from liability for breaches of due diligence and also expands the ability of boards of directors to delegate powers to members of management with respect to the issue common stock and options.
The change with the greatest potential for long-term impact is exonerating officers. For existing corporations, a charter amendment is required to take advantage of the new exoneration of executives, and that’s an open question…
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