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CHAPTER 2.03. Special RICO Requirements
Jurisdiction | United States |
2.03. Special RICO Requirements
Prior to taking record ownership of Delaware real property, a foreign corporation must have a registered office and registered agent in Delaware and must continuously maintain that registration during any year in which the foreign corporation owns Delaware real property.18 Compliance with the foreign corporation qualification provisions of the Delaware General Corporation Law satisfies this requirement.19 Further reporting requirements are imposed by this statute on foreign corporations. Failure to comply with the registration and reporting requirements results in the inability of a foreign corporation to sue or defend in the courts in Delaware until that noncompliance has been cured.20 It is also worth noting that this is a criminal statute, not a business entity statute, and is part of the state's organized crime and racketeering legislation. Accordingly, failure to register or report is a criminal act subject to appropriate criminal prosecution and penalties. These registration and reporting requirements do not apply to foreign financial, banking, insurance, or lending organizations whose lending activities are regulated by another state or by the United States of America.21
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Notes:
[18] 11 Del. C. § 1510(a).
[19] Id. § 1510(b).
[20] Id. § 1510(c).
[21] Id. § 1510(e).
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