Delaware Code Title 8 Sec. 507 – Collection of tax; preferred debt
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The franchise tax shall be a debt due from the corporation to the State, for which an action at law may be maintained after the same shall have been in arrears for a period of 1 month. The tax shall also be a preferred debt in case of insolvency.
21 Del. Laws, c. 166, § ?6; 22 Del. Laws, c. 15, § ?6; Code 1915, § ?107; 36 Del. Laws, c. 6, § ?5; Code 1935, § ?100; 8 Del. C. 1953, § ?507; 55 Del. Laws, c. 90, § ?1; 58 Del. Laws, c. 450, § ?5;
Terms Used In Delaware Code Title 8 Sec. 507
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302