The Regulation and Recognition of Foreign Corporations: Responses to the “Delaware Syndrome”

Abstract

It is beyond dispute now that corporations have replaced states as the most important makers of waves in the world's economy. It is also firmly established that with the increasing globalisation of that economy corporations operate in many cases far beyond the borders of the country that presided over their birth. A company which crosses frontiers to operate outside its original jurisdiction can bring problems of several different kinds in its wake. A court dealing with such a company may have to ascertain which law is, or should be, the law which regulates its affairs. The company may have internal disorders or may be experiencing difficulties in its external relationships. In seeking to grapple with these problems the jurisdictions of the world are broadly divided into two camps. There are those which look to the law of the place of the company's incorporation to govern these matters, and those which look to the law of the place of the central administration of the company as being the correct law to be supreme in this field. Some jurisdictions take a variety of half-way positions in this debate.

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