Whenever it is established to the satisfaction of the Governor that any corporation named in the proclamation has not neglected or refused to pay the franchise tax or file a completed annual franchise tax report within 1 year, or has been inadvertently reported to the Governor by the Secretary of State as refusing or neglecting to pay the taxes or file a completed annual franchise tax report, the Governor may correct the mistake and may make the same known by filing a proclamation to that effect in the office of the Secretary of State, who shall restore to the corporation its charter, together with all the rights, privileges and immunities and subject to all its duties, debts and liabilities which had been secured or imposed by its original charter and all amendments thereto.

21 Del. Laws, c. 166, § ?15; 22 Del. Laws, c. 15, § ?15; Code 1915, § ?117; 36 Del. Laws, c. 6, § ?15; Code 1935, § ?110; 8 Del. C. 1953, § ?514; 55 Del. Laws, c. 90, § ?1; 57 Del. Laws, c. 712, § ?7; 71 Del. Laws, c. 339, § ?106; 75 Del. Laws, c. 306, § ?25;

Terms Used In Delaware Code Title 8 Sec. 514

  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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
  • Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
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