Terms Used In Delaware Code > Title 23 > Chapter 1 > Subchapter III - Vessels and Pilots

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bonds: means any bonds, interim certificates, notes, debentures or other obligations of a company issued under this chapter. See Delaware Code Title 22 Sec. 1302
• Contract: A legal written agreement that becomes binding when signed.
• Contracting municipality: means a municipality which contracts to establish an electric company under this chapter. See Delaware Code Title 22 Sec. 1302
• 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.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Municipal electric company: means a public corporation created by contract between 2 or more municipalities under this chapter. See Delaware Code Title 22 Sec. 1302
• Municipality: means a city or town. See Delaware Code Title 22 Sec. 1302
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means a natural person, a public agency, cooperative or private corporation, association, firm, statutory trust, partnership or business trust of any nature whatsoever, organized and existing under the laws of any state or of the United States. See Delaware Code Title 22 Sec. 1302
• Personal property: All property that is not real property.
• Public agency: means any municipality or other municipal corporation, political subdivision, government unit or public corporation created under the laws of this State or of another state or of the United States, and any state or the United States, and any person, board or other body declared by the laws of any state or the United States to be a department, agency or instrumentality thereof. See Delaware Code Title 22 Sec. 1302
• Quorum: The number of legislators that must be present to do business.
• 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
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302