An instance of a delegate is created by a delegate-creation-expression (14.5.10.3). The newly created delegate instance then refers to either: The static method referenced in the delegate-creation-expression, or The target object (which cannot be null) and instance method referenced in the delegate-creation-expression, or Another delegate [Example: For example: end example] Once instantiated, delegate instances always refer to the same target object and method. [Note: Remember, when two delegates are combined, or one is removed from another, a new delegate results with its own invocation list; the invocation lists of the delegates combined or removed remain unchanged. end note]