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News : Business Apr 30, 2014 - 6:17:44 AM

Tong Leads Passage Of Bill Modernizing Corporate Law

By William Tong's office

Challenge Delaware as Leader of Corporate Law

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Banks Committee Co-chair William Tong (D-Stamford, Darien) drafted, introduced and led the passage of legislation in the House of Representatives Monday that establishes the Commission on Connecticut's Leadership in Corporation and Business Law to create a 10-year plan to challenge and eventually overtake Delaware as the leading state in the country for businesses and corporations to locate, incorporate and do business. The vote was an overwhelming 140-3.

“Connecticut can supplant Delaware as the most business-friendly state in the country,” said Rep. Tong, who brought the legislation to the floor and advocated for its passage. “Delaware has long been dominant in corporate law. Delaware corporations constitute more than 60 percent of the Fortune 500 and more than half of all companies on the NYSE and NASDAQ, because of Delaware’s reputation as the best state in which to incorporate and form a business entity, with the best corporate law in the country to govern matters related to mergers and acquisitions, corporate governance, shareholders, and business disputes generally. I believe that Connecticut can do it better.”

Rep. Tong continued, “Connecticut has a highly educated and productive workforce, close proximity to financial markets in New York City and Boston, and the intellectual firepower to develop the strongest corporate law in the nation. This commission will chart a course for us to take advantage of those strengths so that Connecticut can be the leading and most desired jurisdiction in which to organize and do business.”

Establishment of the commission was just one part of a wide-ranging bill that enacts tough new regulations on mortgage servicers, protects homeowners from abuses in the mortgage servicing business and extends the foreclosure mediation program to 2016.

The legislation, House Bill No. 5353, now goes to the Senate.

“This bill and the creation of the commission represent a critical step and will help transform Connecticut into one of the best states in which to organize and locate a business. The commission, as the law is intended, would develop and recommend policies to attract, encourage and retain businesses,” Tong said.

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