COLUMN: It’s about time for stock ledgers on the blockchain
On April 30, 2019, Maryland’s governor signed into law a bill that allows for Maryland incorporated companies to maintain their stock ledgers on the blockchain. Maryland is now part of an elite club of states that allow this, Delaware being the most notable given that it is home to two-thirds of listed Fortune 500 companies and 85% of the IPOs in the United States.
According to Morrison and Foerster, a law firm deeply involved in the Maryland amendments, “these amendments also permit a company to transmit communications (such as annual statements and stockholder notices) by means of a distributed electronic network or database, which includes by means of blockchain technology. The amendments further permit a company to have its records “maintained by or on [the company’s] behalf” (rather than requiring the company itself to maintain its records, as was previously required by the statute), recognizing that a st
In In re USG Corporation Stockholder Litigation, C.A., Court of Chancery found an alleged disclosure deficiency by a corporation’s board that is sufficient to prevent the application of the Corwin defense, alone is insufficient to reasonably imply bad faith and a breach of the duty of loyalty.
Form 8-K POWERVERDE, INC For: Apr 16 streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Law notes: McDonough re-elected as chair of Potter Anderson; Petition against all White Chancery Court
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Potter Anderson & Corroon LLP, Wilmington, announced the re-election of Kathleen Furey McDonough as Chair. The firm also announced the partners who will serve on the Executive Committee with McDonough through the end of 2023.
McDonough
The first woman to be elected Chair in Potter Anderson’s 196-year history and the first woman to lead a major Delaware law firm, McDonough has chaired the firm since 2018. Her practice focuses on litigation in the federal and state courts in Delaware, emphasizing labor and employment, trade secret, and commercial litigation.
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Alliance Advisors, a proxy solicitation and corporate advisory
firm, has just posted its 2021 Proxy Season Preview, a useful
introduction into the major themes of this season well worth
a read. First, and most obviously, there is COVID-19 and its
direct and indirect impact. The pandemic is having a significant
direct impact this year not just in necessitating recourse to
virtual-only annual meetings again this season but also in
focusing the attention of investors and proxy advisors on how
well corporate leaders navigated the crisis and protected business