Court Addresses If Issuing Stock Requires Written Instrument

, Delaware Business Court Insider

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The Delaware Court of Chancery frequently hears Section 225 proceedings to determine the proper composition of a corporation's board of directors. In one such recent case, Boris v. Schaheen, C.A. No. 8160-VCN (Del. Ch. Dec. 2, 2013), the court's decision turned primarily on whether the Delaware General Corporation Law requires a written instrument evidencing board approval to issue common stock—a question previously answered in relation to preferred stock, convertible preferred stock and stock transferred in a stock split.

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