AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO THE CREATION, REGULATION, OPERATION, AND DISSOLUTION OF STATUTORY TRUSTS.

This Act continues the practice of amending periodically the Delaware Statutory Trust Act (the “Statutory Trust Act”) to keep it current and to maintain its national preeminence. The following is a section-by-section review of proposed amendments to the Statutory Trust Act: Section 1 adds a new § 3802(d) to the Statutory Trust Act to clarify that a subscription for a beneficial interest may be irrevocable if the subscription states it is irrevocable to the extent provided by the terms of the subscription. Section 2 amends § 3803(c) of the Statutory Trust Act to provide that advisers, as defined in § 3313 of Title 12 of the Delaware Code, shall receive the same liability protections as officers, employees, managers and other persons acting pursuant to § 3806(b)(7) or § 3806(i) of the Statutory Trust Act. Section 3 amends § 3805 of the Statutory Trust Act to include the word “statutory” before the word “trust” in the heading. Section 4 amends § 3806(b) of the Statutory Trust Act, which relates to the provisions that may be included in a governing instrument, to clarify that the limitation on those provisions is that they cannot be contrary to any provision or requirement of the Statutory Trust Act and not just to Subchapter I thereof. Section 4 also amends § 3806(b)(9) of the Statutory Trust Act to confirm that a governing instrument may be amended in connection with a division of a statutory trust as specifically contemplated by § 3825(f) of the Statutory Trust Act. Section 5 amends § 3806(o) of the Statutory Trust Act to provide that § 3806(o) applies to ratification or waiver of a void or voidable act or transaction by any trustee, beneficial owner or other person in respect of a statutory trust, in addition to acts or transactions by a statutory trust. This Section also amends § 3806(o) to provide that ratification or waiver pursuant to § 3806(o) may be express or implied, including by the statements, action, inaction, or acquiescence of or by trust