The Court of Chancery last week ruled that Section 205 of the Delaware General Corporation Law cannot be used to invalidate defective corporate acts.
In a 76-page opinion in In re Genelux, Vice Chancellor Donald F. Parsons Jr., answering a novel question under the DGCL, held that Sections 204 and 205, taken together, give the court authority only to validate or ratify stock issues that would otherwise be considered invalid.
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