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- Title
ON CORPORATE CODIFICATION: A HISTORICAL PEEK AT THE MODEL BUSINESS CORPORATION ACT AND THE AMERICAN LAW INSTITUTE PRINCIPLES THROUGH THE DELAWARE LENS.
- Authors
Veasey, E. Norman
- Abstract
The article presents a historical view on the Model Business Corporation Act (MBCA) and the principles of the American Law Institute. It highlights the development of the micromanagement that has paved way to the enactment of enabling statutes. It adds that while MBCA signifies a good blend of codified state-law model, the Delaware fiduciary-duty law has also demonstrated a degree of indeterminacy. The indeterminacy of the Delaware law, its reliance on the century-old body of case law, and the expertise of the justices of the Delaware Supreme Court and the judges of the Delaware Court of Chancery are often preferred by most corporations.
- Subjects
DELAWARE; UNITED States; CORPORATE governance laws; LEGISLATIVE bills; CORPORATIONS; CODIFICATION of law; FIDUCIARY liability; CORPORATION law; HISTORY
- Publication
Law & Contemporary Problems, 2011, Vol 74, Issue 1, p95
- ISSN
0023-9186
- Publication type
Article