The Future Direction of Delaware Law (Including a Brief Exegesis on Fee Shifting Bylaws)

Delaware sets the governance standards for most public companies. The ability to attract corporations could not be explained solely by the existence of a favorable statutory regime. Delaware was not invariably the first or the only state to implement management friendly provisions. Given the interpretive gaps in the statute and the critical importance of the common law in the governance process, courts played an outsized role in setting legal standards. The management friendly nature of the Delaware courts contributed significantly to the state’s attraction to public corporations. A current example of a management friendly trend in the case law had seen the recent decisions setting out the board’s authority to adopt bylaws under Section 109 of the Delaware General Corporation Law (DGCL), particularly those involving the shifting of fees in litigation against the corporation or its directors. The DGCL allows bylaws that address “the business of the corporation, the conduct of its affairs, and its rights or powers or the rights or powers of its stockholders, directors, officers or employees.” The broad parameters are, however, subject to limits. Bylaws cannot be inconsistent with the certificate of incorporation or “the law.” Law includes the common law. The Delaware courts have used the limitations imposed by “the law” to severely restrict the reach of shareholder inspired bylaws. The courts have not used the same principles to impose similar restraints on bylaws adopted by the board of directors. This can be seen with respect to bylaws that restrict or even eliminate the right of shareholders to bring actions against management and the corporation. In ATP Tour, Inc. v. Deutscher Tennis Bund the court approved a fee shifting bylaw that had littl relationship to the internal affairs of the corporation. The decision upheld the bylaw as facially valid.The decision ignored a number of obvious legal infirmities. Among other things, the decision did not adequately address the requirement in Section 109(b) that bylaws be consistent with “the law.” The decision obliquely acknowledged that the provisions would “by their nature, deter litigation” but otherwise made no effort to assess the impact of this deterrence on shareholders causes of action. The provision in fact had the practical effect of restricting, if not eliminating, litigation rights granted by the DGCL and the common law. Perhaps most significantly, however, the bylaws significantly limited common law rights of shareholders to bring actions against the corporation and the board. Given the high dismissal rates for these actions, fee shifting bylaws imposed a meaningful risk of liability on plaintiffs. Moreover, because judgments in derivative suits were paid to the corporation, shareholders serving as plaintiffs confronted the risk of liability without any offsetting direct benefit. By preventing suits in this area, the bylaw effectively insulated the behavior of boards from legal challenge. The ATP decision was poorly reasoned and overstepped acceptable boundaries. The management friendly decision threatened the preeminent role of Delaware in the development of corporate law. The decision raised the specter of federal intervention and the potential for meaningful competition from the states. Because the opinion examined the bylaw in the context of non-stock companies, the reasoning may remain applicable only to those entities and never make the leap to for-profit stock corporations. Nonetheless, the analysis reflects a management friendly approach that does not adequately take into account the impact of the provision on the rights of shareholders.

Staying in the Delaware Corporate Governance Lane: Fee Shifting Bylaws and a Legislative Reaffirmation of the Rules of the Road

The Delaware legislature has taken steps towards the adoption of amendments to the Delaware General Corporation Law (DGCL) that would prohibit fee shifting provisions in the articles and bylaws. The language in the legislative proposal, however, addresses fee shifting provisions only in the context of "internal corporate claims." Some have raised concerns that this language would allow for fee shifting provisions that applied to other types of actions, including at least some cases brought under the securities laws. This piece suggests that in fact the Delaware General Corporation Law already prohibits the adoption of bylaws and certificate provisions that apply to causes of action unrelated to internal corporate claims. As a result, there was no reason for the Delaware legislature to expressly bar fee shifting provisions in these types of actions.

Organizing a Chamber of Commerce : a "how to" manual for communities planning to organize a Chamber of Commerce : organization structure, sample bylaws.

"March 1962."

Constitution, bylaws, general laws and convention laws

<1918-61> include charter and constitution of the Union Printers Home

Massachusetts Homoeopathic Medical Society; bylaws, list of member and statistics...

Provisional Circ record

Faculty Bylaws

A draft of the College of Medicine's Faculty Bylaws submitted for review and approval by the Florida International University Administration on October 5, 2007.

Atividade motora adaptada : o conhecimento produzido nos programas Stricto Sensu em Educação Física no Brasil

Universidade Estadual de Campinas . Faculdade de Educação Física

Organização parlamentar, processo decisório e produção legislativa no cenário político capixaba : uma análise da Assembléia do Estado do Espírito Santo na 16ª legislatura (2007-2010)

Esta pesquisa é um estudo sobre o processo legislativo e a produção de leis na ALES, durante a 16ª Legislatura. O escopo do estudo foi o de analisar o impacto das regras, contidas no regimento interno e na Constituição estadual, na produção de leis entre 2007 e 2010. O pressuposto geral da abordagem advém do Novo Intitucionalismo como movimento teórico da Ciência Política contemporânea, que nos permite inferir que as regras institucionais, para além de serem simples regras de organização das Casas Legislativas, influenciam no processo decisório e, consequentemente, na produção de leis. Importando as análises dos modelos distributivo, informacional e partidário de organização dos Legislativos, a pesquisa permitiu concluir que, a ALES, de 2007 a 2010, manteve seus trabalhos alinhados à versão distributiva. O parlamentar capixaba atuou, individualmente, a fim de manter suas bases eleitorais. Com relação à atuação do sistema comissional, foi identificada a inaptidão das comissões da ALES para influenciar o processo decisório. As comissões permanentes não possuem capacidade de moldar os projetos que por elas tramitam. O regime de tramitação influencia diretamente a produção de leis da ALES, notadamente, nas leis de autoria do Executivo, já que estas, tramitaram, quase que na totalidade, em regime de urgência. No que tange aos partidos, a fragmentação partidária identificada na ALES acaba por refletir nos dados obtidos sobre a produção de leis, na medida em que não existe uma verdadeira articulação em torno dos partidos como atores determinantes no processo legislativo da ALES. Enfim, em apertada síntese, foi possível constatar a imposição da agenda de trabalhos pelo Executivo. Os projetos aprovados, de temas importantes e abrangência estadual, foram, em sua maioria, propostos pelo Executivo; a urgência impacta frontalmente os projetos do Executivo, que são aprovadas em pequeno espaço de tempo; as comissões não possuem poder mínimo de influência nos projetos de autoria do Executivo; e os partidos, altamente fragmentados, não constituem instância com capacidade de articulação.

ARCHI-AVE: património documental da bacia do Ave: estudo orgânico-funcional e tratamento documental

Relatório de Estágio

Contributos legislativos para a criação de empresas cooperativas: a livre fixação do capital social

Num contexto em que as dinâmicas europeias em matéria de empreendedorismo e empresas sociais apelam à melhoria do ambiente legal, este estudo debruça-se sobre a oportunidade da consagração do princípio da livre fixação nos estatutos da cooperativa do montante do capital social. Esta solução legislativa permitirá reduzir os custos de contexto para a constituição da cooperativa e evitar o risco de fuga para formas societárias com regimes mais favoráveis em matéria de capital social mínimo. Constata-se que nas cooperativas, mais intensamente do que nas sociedades comerciais, o capital social mínimo não desempenha eficientemente as funções que lhe são tradicionalmente atribuídas. Conclui-se, igualmente, que a avaliação do nível de capitalização das cooperativas não pode atender apenas a este instituto, devendo ter em conta o património da cooperativa ressalvado para garantia dos credores, com particular destaque para a reserva legal.

The impact of tobacco control policies on university students' smoking in Ontario

Objective. Despite steady declines in the prevalence of tobacco use among Canadians, young adult tobacco use has remained stubbornly high over the past two decades (CTUMS, 2005a). Currently in Ontario, young adults have the highest proportion of smokers of all age cohorts at 26%. A growing body of evidence shows that smoking restrictions and other tobacco control policies can reduce tobacco use and consumption among adults and deter initiation among youth; whether young adult university students' smoking participation is influenced by community smoking restrictions, campus tobacco control policies or both remains an empirical question. The purpose of this study is to examine the relationship among current smoking status of students on university campuses across Ontario and various tobacco control policies, 3including clean air bylaws of students' home towns, clean air by-laws of the community where the university is situated, and campus policies. Methods. Two data sets were used. The 200512006 Tobacco Use in a Representative Sample of Post-Secondary Students data set provides information about the tobacco use of 10,600 students from 23 universities and colleges across Ontario. Data screening for this study reduced the sample to 5,114 17-to-24 year old undergraduate students from nine universities. The second data set is researcher-generated and includes information about strength and duration of, and students' exposure to home town, local and campus tobacco control policies. Municipal by-laws (of students' home towns and university towns) were categorized as weak, moderate or strong based on criteria set out in the Ontario Municipal By-law Report; campus policies were categorized in a roughly parallel fashion. Durations of municipal and campus policies were calculated; and length of students' exposure to the policies was estimated (all in months). Multinomial logistic regression analyses were used to examine the relationship between students' current smoking status (daily, less-than-daily, never-smokers) and the following policy measures: strength of, duration of, and students' exposure to campus policy; strength of, duration of, and students' exposure to the by-law in the university town; and, strength of, duration of, and students' exposure to the by-law in the home town they grew up in. Sociodemographic variables were controlled for. Results. Among the Ontario university students surveyed, 7.0% currently use tobacco daily and 15.4% use tobacco less-than-daily. The proportions of students experiencing strong tobacco control policies in their home town, the community in which their university is located and at their current university were 33.9%,64.1 %, and 31.3% respectively. However, 13.7% of students attended a university that had a weak campus policy. Multinomial logistic regressions suggested current smoking status was associated with university town by-law strength, home town by-law strength and the strength of the campus tobacco control policy. In the fmal model, after controlling for sociodemographic factors, a strong by-law in the university town and a strong by-law in students' home town were associated with reduced odds of being both a less-than-daily (OR = 0.64, 95%CI: 0.48-0.86; OR = 0.80, 95%CI: 0.66-0.95) and daily smoker (OR = 0.59, 95%CI: 0.39-0.89; OR = 0.76, 95%CI: 0.58-0.99), while a weak campus tobacco control policy was associated with higher odds of being a daily smoker (OR = 2.08, 95%CI: 1.31-3.30) (but unrelated to less-than-daily smoking). Longer exposure to the municipal by-law (OR = 0.93; 95%CI: 0.90-0.96) was also related to smoking status. Conclusions. Students' smoking prevalence was associated with the strength of the restrictions in university, and with campus-specific tobacco control policies. Lessthan- daily smoking was not as strongly associated with policy measures as daily smoking was. University campuses may wish to adopt more progressive campus policies and support clean air restrictions in the broader community. More research is needed to determine the direction of influence between tobacco control policies and students' smoking.

By Laws of the Corporation of the Town of Welland, 1878 [fragment]

The fragment appears to be part of a larger group of bylaws for the Town of Welland, 1878. The fragment includes bylaws Cap. I and Cap. II. Cap. I is a bylaw appointing auditors for the town for the year 1878. Due to paper loss only a portion of the title of the Cap. II bylaw is extent but appears to be a bylaw appointing a Hey…….trustee for the town. Welland was incorporated in 1858 as a town and became a city in 1917.