Under the Delaware Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act, if a limited liability company agreement or a limited partnership agreement "provides for the manner in which it may be amended ... it may be amended only in that manner or as otherwise permitted by law."

The Delaware Statutory Trust Act, 12 Del. C. § 3801, et seq. (the "Act"), was amended on July 13, 2011 in order to address several technical issues. The amendments to the Act (the "2011 Amendments") are set forth in House Bill No. 115.

The board members of registered investment companies play a critical role in protecting the interests of shareholders. In order to encourage the diligent discharge of their duties, the board members of registered investment companies in turn need to be protected. Indemnification and advancement, along with insurance, are key components of the protections available to board members with respect to the discharge of their duties.

The Delaware General Assembly has recently enacted legislation amending the Delaware Limited Liability Company Act, the Delaware Revised Uniform Partnership Act and the Delaware Revised Uniform Limited Partnership Act.

On January 5, 2010, the Court of Chancery adopted new rules providing for Chancery arbitration pursuant to a Delaware statute permitting Delaware’s Chancery judges to act as private arbitrators.

On May 19, 2011, Governor Markell signed Senate Bill No. 9, as amended. This legislation prohibits the Delaware Department of Transportation from accepting as a public street certain roads that will connect to an existing road system in a community restricted to age 55 or older.

Recently, Delaware Governor Jack Markell signed the Civil Union and Equality Act of 2011 legalizing civil unions for same-sex couples in the state.

The Delaware judicial system consists of the Supreme Court, Court of Chancery, Superior Court, Family Court, Court of Common Pleas and Justice of the Peace Courts.

Despite the abundance of case law, whether Revlon applies in any given case remains the subject of much debate. While the Delaware Supreme Court has not had occasion to address the issue, the Delaware Court of Chancery is beginning to apply Revlon’s heightened reasonableness review more frequently in mixed-consideration transactions.

In two recent decisions, the Delaware Bankruptcy Court rejected the imposition of WARN Act liability on corporations affiliated with debtors.