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Federal corporate law would be folly
Apparently, there are some misguided folks out there who would like to enact a federal corporate law that would displace the various state laws. Needless to say, folks in Delaware are not too pleased.
Actually, I think it would be a wonderful idea… provided, of course, that Congress promptly delegated all authority under their newly found power to the Delaware Chancery Court.
Of course, here in Wisconsin, we don’t have to hope for that. We could simply repeal our own corporate laws in their entirety, and replace them with one simple statute providing that whatever the law is in Delaware is binding law here, too.
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