Delawares Court of Chancery Rules that Former Directors Lack Standing to Pursue Statutory Information Demands
January 10, 2014
BY KEVIN C. LOGUE & KEVIN P. BROUGHEL
Section 220(d) of Delaware's General Corporation Law memorializes a corporate director's broad and fundamental rights to inspect corporate books and records. The Court of Chancery in King v. DAG SPE Managing Member, Inc., was confronted with a books and records demand by a former director who was not a stockholder of the corporation. The Court held that neither Section 220(d) nor common law inspection rights afforded the director a right of inspection. This decision should provide helpful guidance to corporations confronted with information demands from former directors.
IRS Creates New Safe Harbor for Certain Partnerships Allocations of Code Section 47 Rehabilitation Credits to their Partners
January 8, 2014