Delaware Code
Title 5 - Banking

§ 108. Prohibited relationships with supervised institutions. - The Commissioner, Deputy Commissioners, examiners or compliance reviewers employed by...

Subchapter II. Powers and Duties

§ 121. Supervision over banks and other financial institutions; administration and enforcement of title. - (a) The Commissioner shall have authority to administer and enforce...

§ 122. Examination of financial institutions. - (a) The Commissioner shall visit and examine each financial institution...

§ 123. False statements, entries or reports; penalty. - Every director, officer, agent, clerk or employee of any institution...

§ 124. Commissioner's report of examination; cooperation with other regulatory agencies. - (a) The Commissioner shall make and file in the Commissioner's...

§ 125. Disclosure of information; penalty. - (a) The Commissioner and each of the employees who work...

§ 126. Exemptions from examination. - (a) Any state bank or trust company which is a...

§ 127. Fees for examination; supervisory assessment. - (a) The Commissioner shall charge each institution examined by the...

§ 128. Federal Reserve System reserve requirements. - The Commissioner, in determining, in the course of the Commissioner's...

§ 129. Insufficient proportion of assets in cash or readily convertible securities; Commissioner's notice to directors, stockholders, etc. - Whenever the Commissioner shall be satisfied from the Commissioner's examination...

§ 130. Impaired capital; procedure upon failure to make good. - If the Commissioner believes that the capital of any bank...

§ 131. Unsound condition of bank or trust company; receivership. - (a) If the Commissioner deems that the affairs of any...

§ 132. Possession and operation of bank or trust company by Commissioner without receivership. - If by reason of any circumstance or condition whatsoever, the...

§ 133. Employment of assistants. - The Secretary of State may employ such persons outside the...

§ 134. Commissioner's costs and expenses as receiver; priority. - The costs and expenses incurred by the Commissioner in acting...

§ 135. Moratorium on deposit withdrawals and segregation of new deposits. - The Commissioner may, in addition to all other powers, whenever...

§ 136. Cease and desist orders. - (a) If, in the opinion of the Commissioner, a financial...

§ 137. Removal of officer or director. - The Commissioner shall have the power to remove any officer...

§ 138. Hearings. - A hearing conducted pursuant to § 136, § 137 or...

§ 139. Judicial review. - (a) Orders issued by the Commissioner pursuant to §§ 136...

§ 140. Notice to federal authorities. - In connection with any proceeding under this chapter involving a...

§ 141. Retention of financial institution records. - (a) All records of financial institutions and of federally chartered...

§ 142. Subpoena powers. - The Commissioner's authority to subpoena witnesses and documents outside the...

§ 143. General penalty. - (a) (1) Notwithstanding any other provisions of this title, the...

§ 144. Restrictions on use of words “savings” or “trust” in corporate name. - No financial institution established under this title shall have or...

§ 145. Financial institution supervisory privilege. - (a) For purposes of this section, the following definitions shall...

Subchapter III. Change in Bank Control

§ 160. Prior permission required. - (a) No person, acting directly or indirectly or through or...

§ 161. Publication required. - Any person filing a notice shall publish in a local...

§ 162. Content of notice. - Except as otherwise provided by regulation of the Commissioner, a...

§ 163. Disapproval of an application. - The Commissioner may disapprove any proposed acquisition if: (1) The...

§ 164. Notice and hearing. - Having decided to disapprove any proposed acquisition the Commissioner shall...

§ 165. Civil actions and penalties. - Any person who wilfully violates any provision of this subchapter,...

§ 166. Injunction. - The State Bank Commissioner is empowered to seek an injunction...

§ 167. Definitions. - For purposes of this subchapter, the following words and phrases...

§ 168. Exceptions; authority for emergency acquisitions. - (a) This subchapter shall not apply to the formation of...

Chapter 7. CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES

Subchapter I. General Provisions

§ 701. Establishment of banks and trust companies; savings banks and national banks. - Except as specifically provided by Chapter 15 or Chapter 16...

§ 702. Applicability of other laws. - Every corporation (but not including a limited liability company) created...

§ 703. Taxation. - Every corporation and limited liability company created by or under...

§ 705. Revocation for nonuse of charters granted prior to July 1, 1933. - Every charter authorizing the establishment of a bank or trust...

§ 706. Limited liability companies as trust companies, conversions. - (a) Notwithstanding any other provision of law to the contrary,...

Subchapter II. Formation of Bank or Trust Company

§ 722. Incorporators; number and qualifications. - Three or more persons, at least 2 of whom must...

§ 723. Articles of association; contents and execution. - (a) The articles of association shall set forth that the...

§ 724. Notice of intention to incorporate; publication. - Notice of the intention of the incorporators to form a...

§ 725. Application for a certificate of public convenience and advantage. - Within 60 days after the second publication of the notice...

§ 726. Determination of public convenience. - Upon the application for a certificate that public convenience and...

§ 727. Organization meeting of incorporators; notice; proceedings. - (a) The first meeting of the incorporators shall be called...

§ 728. Articles of organization. - The president and a majority of the directors elected at...

§ 729. Approval of articles of organization. - The articles of organization, together with the records of the...

§ 730. Filing of articles of organization. - The articles of organization with the endorsement of the State...

§ 731. Certificate of incorporation; issuance, form, recording and evidence. - (a) Upon the filing of the articles of organization as...

§ 732. Commencement of corporate existence. - Upon the issuance of the certificate of incorporation or certificate...

§ 733. Commencement of business; certificate authorizing. - A certified copy of the certificate of incorporation and of...

§ 734. Revocation of charter for failure to commence business within reasonable time. - Every corporation created under this chapter shall, after the expiration...

§ 735. Fees of Secretary of State and Commissioner. - The following fees shall be collected by and paid to...

Subchapter III. Conduct of Internal Corporate Affairs

§ 741. Bylaws, adoption, amendment and repeal. - A corporation may adopt bylaws for the proper management of...

§ 742. Directors; number, quorum, term, vacancies and oath. - (a) The business of every corporation organized under this chapter...

§ 743. Stockholders' meetings; time, place, adjournment and quorum. - (a) Meetings of stockholders (except the meeting of incorporators referred...

§ 744. Voting rights of stockholders. - Each stockholder shall, at every meeting of the stockholders, be...

§ 745. Capital stock; minimum required. - The capital stock of a bank organized under this chapter...

§ 746. Par value of stock; payment for and issuance; increase and reduction. - The capital stock shall be divided into shares of a...

§ 747. Stockholders' liability. - The private property of the stockholders shall not be subject...

§ 748. Dividends. - The directors of a bank or trust company may declare...

§ 749. Amendment of charter. - (a) Banks and trust companies heretofore or hereafter created by...

§ 751. Acquisition or sale of assets, assumption of liabilities, consolidation and merger; Commissioner's approval; title to property. - (a) No bank or trust company doing business in this...

Subchapter IV. Powers and Prohibitions

§ 761. General powers of corporations organized under this chapter. - (a) A corporation established under and in compliance with this...

§ 762. Ownership of real estate used for transaction of business. - A corporation established under this chapter may hold real estate...

§ 763. Membership in Federal Reserve System. - (a) Any bank or trust company incorporated under this Code...

§ 764. Capital notes or debentures. - (a) With the approval of the State Bank Commissioner, any...

§ 765. Power of trust company. - In the case of a corporation established as a trust...

§ 766. Power of trust company to act as agent, registrar, trustee, etc. - A trust company established under this chapter may act as...

§ 767. Limitations on powers and activities of banks and trust companies. - (a) Any bank or trust company which engages in any...

§ 768. Loans on security of and purchase of its own capital stock. - No corporation established under this chapter or under Chapter 15...

§ 769. Ownership of capital stock of another bank or trust company. - No bank or trust company shall hold more than 10...

§ 770. Branch office. - (a) (1) Any bank or trust company, if authorized by...

§ 771. Foreign branch offices. - (a) Any bank or trust company having a paid-in capital...

§ 772. Automated service branch. - Any bank or resulting bank (as defined in § 795...

Subchapter V. Limited Purpose Trust Companies

§ 773. Definitions. - As used in this subchapter: (1) “Affiliate” means a person...

§ 774. Establishment. - A corporation established under this subchapter shall be known as...

§ 775. Powers; restrictions. - (a) With respect to a limited purpose trust company, the...

§ 776. Organization; number of incorporators. - (a) Except as otherwise required by this subchapter, the organization...

§ 777. Certificate of public convenience and advantage. - (a) In determining whether a certificate of public convenience and...

§ 778. Violations. - If any limited purpose trust company is found by the...

§ 779. Applicability of other provisions of law. - To the extent not inconsistent with the object, purpose, and...

Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company

§ 781. Definitions. - As used in this subchapter: (1) “Bank” means a state...

§ 782. Merger with or conversion into national bank. - (a) Nothing in the laws of this State shall restrict...

§ 783. Merger with or conversion into state bank. - Upon written approval by the State Bank Commissioner banks may...

§ 784. Premerger procedure for resulting state bank. - (a) The board of directors of each merging state bank...

§ 785. Merger procedure for resulting state bank. - Following the approval of the merger agreement both in substance...

§ 786. Conversion of national banks and federal savings associations into state banks. - (a) Except as provided in § 789 of this title,...

§ 787. Use of old name. - A resulting bank shall have the right to use the...

§ 788. Dissenting stockholders. - (a) The owner of shares of a state bank (other...

§ 789. Abandonment of trust powers and provision for successor fiduciaries. - Where a resulting state bank is not to exercise trust...

§ 790. Nonconforming assets or business. - If a merging or converting bank has assets which do...

§ 791. Book value of assets. - Without approval by the State Bank Commissioner no asset shall...

§ 792. Investigation fee. - The resulting bank shall pay to the office of the...

§ 793. Conversion of credit card institution on or after September 29, 1997. - (a) Any credit card institution formed under Chapter 15 of...

§ 794. Conversion of a building and loan association. - (a) Notwithstanding any other provision of this title, a building...

Subchapter VII. Merger or Consolidation with Out-Of-State Banks

§ 795. Definitions. - As used in this subchapter: (1) “Bank” means a Delaware...

§ 795A. Purpose. - It is the express intent of this subchapter to permit...

§ 795B. Authority for interstate branch offices. - (a) The place of business or main office and all...

§ 795C. Merger with resulting Delaware national bank. - (a) Delaware banks may merge with or into out-of-state banks...

§ 795D. Merger with resulting Delaware state bank. - (a) Upon written approval by the State Bank Commissioner, out-of-state...

§ 795E. Merger with resulting out-of-state national bank. - (a) Existing Delaware banks may merge with or into out-of-state...

§ 795F. Merger with resulting out-of-state state bank. - (a) Existing Delaware banks may be merged with or into...

§ 795G. Authority for emergency mergers. - Notwithstanding any other provision in this title, the Commissioner may...

§ 795H. Concentration limits; approval of Commissioner. - The Commissioner may approve a merger, in accordance with §§...

§ 795I. Powers. - (a) An out-of-state state bank which establishes and maintains one...

§ 795J. Examinations; periodic reports; cooperative agreements; regulations; fees. - (a) The Commissioner may make such examinations of any branch...

§ 795K. Enforcement. - If the Commissioner determines that a branch office maintained by...

§ 795L. Regulations. - The Commissioner may promulgate regulations to carry out the Commissioner's...

§ 795M. Notice of subsequent merger, etc. - An out-of-state state bank that maintains a branch office in...

§ 795N. Other mergers or consolidations with out-of-state banks not permitted. - Except as otherwise provided in this subchapter or by applicable...

Subchapter VIII. Bank Agencies

§ 796. Definitions. - As used in this subchapter: (1) “Affiliate” has the meaning...

§ 796A. Authorized agency activities. - (a) Any bank may, upon compliance with the requirements of...

§ 796B. Regulations. - The Commissioner may promulgate regulations to carry out the responsibilities...

Chapter 8. ACQUISITION OF INTERESTS IN BANKING INSTITUTIONS; BANK HOLDING COMPANIES

Subchapter I. Acquisition of Stock in New Banks in Delaware before September 29, 1995

§ 801. Definitions. - As used in this subchapter: (1) “Bank” means a bank...

§ 802. Scope; construction. - This subchapter deals with conditions under which out-of-state bank holding...

§ 803. Requirements for bank acquisitions before September 29, 1995. - (a) Except as provided in 12 U.S.C. § 1842 and...

§ 804. Application; approval by Commissioner. - (a) Any out-of-state bank holding company or subsidiary thereof proposing...

§ 805. Reports. - An out-of-state bank holding company that directly or indirectly, through...

§ 806. Rules; regulations; orders. - The Commissioner may adopt rules and regulations and issue orders...

§ 807. Divestiture. - (a) Upon the Commissioner's determination that any out-of-state bank holding...

Subchapter II. Acquisition of Stock and Assets of, and Interests in, Banks to Which the State Has Provided Financial Assistance and Obtained an Ownership Interest

§ 821. Definitions. - As used in this subchapter: (1) “State assisted bank” means...

§ 822. Purpose; findings. - The purpose of this subchapter is to permit the acquisition...

§ 823. Authorized acquisitions. - Pursuant to the present requirement of 12 U.S.C. § 1842(d)...

§ 824. Application for approval of acquisition. - (a) An out-of-state bank holding company or subsidiary thereof proposing...

§ 825. Required reports. - An out-of-state bank holding company that directly or indirectly through...

§ 826. Rules, regulations and orders. - The Commissioner may adopt rules and regulations and issue orders...

Subchapter III. Acquisition of Delaware Savings Banks

§ 831. Definitions. - For purposes of this subchapter, the following words and phrases...

§ 832. Acquisition authority. - (a) An out-of-state savings institution, out-of-state savings and loan holding...

§ 833. Application process. - (a) An out-of-state savings institution, out-of-state savings and loan holding...

§ 834. Duties and powers of Commissioner. - In order to effectuate the provisions of this subchapter, the...

§ 835. Divestiture. - Upon the Commissioner's determination that an out-of-state savings institution, out-of-state...

§ 836. Powers of an acquired, savings bank. - Nothing contained in this chapter shall be construed as abridging...

§ 837. Scope; construction. - This subchapter deals with the conditions under which out-of-state savings...

Subchapter IV. Acquisition of Stock in Delaware Banks and Bank Holding Companies

§ 841. Title. - This subchapter may be cited as “The Delaware Interstate Banking...

§ 842. Definitions. - For purposes of this subchapter, the following words and phrases...

§ 843. Acquisition authority. - (a) An out-of-state bank holding company or subsidiary thereof may...

§ 844. Application process. - (a) An out-of-state bank holding company shall make application to...

§ 845. Duties and powers of Commissioner. - In order to effectuate the provisions of this subchapter, the...

§ 846. Divestiture. - Upon the Commissioner's determination that an out-of-state bank holding company...

§ 847. Powers of an acquired bank. - Except as to subchapter I of this chapter, nothing contained...

Subchapter V. Regulation of Delaware Bank Holding Companies

§ 851. Definitions. - As used in this subchapter: (1) “Bank holding company” means...

§ 852. Becoming a bank holding company. - (a) Except as provided in 12 U.S.C. § 1842, subchapters...

§ 854. Reports. - A Delaware bank holding company shall file with the Commissioner...

§ 855. Supervision and examination. - The Commissioner shall have supervision over all Delaware bank holding...

§ 856. Nonexclusivity. - Nothing in this subchapter or any law of this State...

§ 857. Bank Commissioner cooperative agreements. - Prior to approving the acquisition by any Delaware bank holding...

Subchapter VI. Regulation of Delaware Savings and Loan Holding Companies

§ 861. Definitions. - As used in this subchapter: (1) “Delaware savings and loan...

§ 862. Becoming a Delaware savings and loan holding company. - (a) Any corporation intending to become a Delaware savings and...

§ 863. Reports. - A Delaware savings and loan holding company shall file with...

§ 864. Supervision and examination. - The Commissioner shall have supervision over all Delaware savings and...

§ 865. Nonexclusivity. - Nothing in this subchapter or any law of this State...

§ 866. Bank Commissioner cooperative agreements. - The Commissioner may enter into cooperative agreements or joint actions...

Chapter 9. REGULATIONS GOVERNING BUSINESS OF BANKS AND TRUST COMPANIES

Subchapter I. General Provisions

§ 901. Corporate charter to do business as bank or trust company. - No banking business or the business of a trust company...

§ 902. Certificate required to transact business or open place of business. - No bank or trust company not actively engaged in business...

§ 903. Issuance of certificate to transact business. - (a) The Commissioner shall not give any certificate required by...

§ 904. Reports to Commissioner. - (a) Every bank and trust company shall make and transmit...

§ 905. Reports by national banks, federal savings associations and out-of-state banks. - National banks, out-of-state banks (as defined in § 795 of...

§ 906. Failure to make reports; penalty. - Every bank or trust company failing to comply with §§...

§ 907. Reserve requirements. - (a) “Demand deposits” as used in this section shall mean...

§ 908. Value at which assets shall be carried on books. - No bank or trust company shall carry on its books...

§ 908A. Bank distinct from bank insurance department or division. - The assets of any bank or trust company shall be...

§ 909. Loan limitations. - (a) No bank, trust company or savings bank shall make...

§ 910. Investment limitations. - No bank or trust company shall invest more than 25...

§ 911. Ownership of real estate used for transaction of business. - Section 762 of this title shall be applicable to all...

§ 912. Limitations upon loans on security of and purchase of own capital stock. - No bank or trust company shall purchase shares of its...

§ 913. Authority of national bank to act as fiduciary. - Any national bank located in this State, when authorized by...

§ 914. Appointment of trust company as trustee. - Any court, judge or officer, authorized by law to appoint...

§ 916. Preference of funds held on deposit. - Whenever any bank or trust company holds on deposit funds...

§ 917. Surety not required on bond of trust company or national bank; liability and lien upon real estate. - (a) (1) Whenever a trust company is appointed to an...

§ 918. Limitations on pledging or hypothecating assets. - (a) No bank or trust company shall pledge or hypothecate...

§ 920. Deposits by minors. - (a) Any bank, savings bank, savings institution or trust company...

§ 922. Deposits of decedents. - Banks, trust companies, savings banks, and savings societies may pay...

§ 923. Deposits in names of two or more persons. - When a deposit in any bank, trust company, savings bank...

§ 924. Bank deposit accounts in trust form. - (a) The following terms shall have the following definitions for...

§ 926. Subrogation of Federal Deposit Insurance Corporation to rights of owners of insured deposits in closed institutions. - Whenever a receiver has been appointed by the Court of...

§ 927. Penalty for false statements regarding financial condition. - Whoever wilfully and maliciously makes, circulates or transmits to another...

§ 928. Penalty for representing or holding oneself out as engaged in business of receiving deposits or of a trust company. - (a) Any person, firm, or association of individuals or any...

§ 929. Tying arrangements prohibited. - (a) No bank or trust company shall, either directly or...

§ 930. Right of cancellation of certain insurance. - (a) Except as otherwise provided in this section, in the...

§ 930A. Mandatory disclosure in bank insurance policies. - (a) Any bank or trust company issuing policies of insurance...

§ 931. Employee retirement pensions for savings banks and savings societies. - (a) Savings banks and savings societies, subject to the laws...

§ 932. Loans and securities insured by Federal Housing Administrator. - (a) Banks, savings banks, trust companies, building and loan associations...

§ 933. Prize linked savings programs. - (a) For purposes of this section “savings promotion raffle” means...

§ 936. International banking facilities. - The Commissioner may by rule except from the terms “deposit,”...

§ 937. Availability of funds. - (a) Financial institutions that delay availability shall review their policies...

§ 938. Transfer of fiduciary accounts. - (a) For purposes of this section, “fiduciary” shall mean a...

§ 939. Negotiable instruments. - (a) For purposes of this section, “fiduciary” shall have the...

§ 940. Self-analysis privilege for depository institutions and affiliates. - (a) Definitions. — For purposes of this section, the following...

Subchapter II. Bank Revolving Credit

§ 941. Definitions. - As used in this subchapter: (1) “Bank” means any bank...

§ 942. Extension of credit. - Any bank may, subject to any limitations on lending authorities...

§ 943. Periodic interest. - A bank may charge and collect periodic interest under a...

§ 944. Variable rates. - If the agreement governing the revolving credit plan so provides,...

§ 945. Interest charges. - (a) In addition to or in lieu of interest at...

§ 946. Terms for indebtedness. - A bank may, if the agreement governing a revolving credit...

§ 947. Overdraft accounts. - If credit under a revolving credit plan is offered and...

§ 948. Omitted installments. - A bank may at any time and from time to...

§ 949. Insurance. - (a) A bank may request but not require an individual...

§ 950. Delinquent installments. - (a) If the agreement governing a revolving credit plan so...

§ 951. Attorney's fees; costs. - In the event a borrower defaults under the terms of...

§ 952. Amendment of agreement. - (a) Unless the agreement governing a revolving credit plan otherwise...

§ 953. Application of other state laws. - Any other law of this State limiting the rate or...

§ 954. Nonexclusivity; captions. - (a) The provisions of this subchapter are not exclusive and...

§ 955. Materiality of terms. - All terms, conditions and other provisions of and relating to...

§ 956. Governing law. - A revolving credit plan between a bank and an individual...

Subchapter III. Bank Closed End Credit

§ 961. Definitions. - As used in this subchapter: (1) “Bank,” “borrower” and “individual...

§ 962. Extension of credit. - Any bank may, subject to any limitations on lending authority...

§ 963. Periodic interest. - A bank may charge and collect periodic interest in respect...

§ 964. Variable rates. - If the agreement governing, or the bond, note or other...

§ 965. Interest charges. - In addition to or in lieu of periodic interest at...

§ 966. Deferred installments. - A bank may at any time or from time to...

§ 967. Insurance. - (a) A bank may request but not require an individual...

§ 968. Delinquent installments. - If the agreement governing a loan so provides, a bank...

§ 969. Prepayment. - (a) An individual borrower may prepay a loan in full...

§ 970. Refinancing. - (a) An individual borrower may, with the consent of the...

§ 971. Attorney's fees; costs. - In the event an individual borrower defaults under the terms...

§ 972. Loans to other than individual borrowers. - This subchapter shall not be deemed to prohibit a bank,...

§ 973. Application of other state laws. - Any other law of this State limiting the rate or...

§ 974. Nonexclusivity; captions. - (a) The provisions of this subchapter are not exclusive and...

§ 975. Materiality of terms. - All terms, conditions and other provisions of and relating to...

§ 976. Governing law. - The agreement governing, or the bond, note or other evidence...

§ 977. Commissioner's regulations. - The State Bank Commissioner may prescribe regulations to carry out...

§ 978. Short-term consumer loans. - (a) In addition to such other limitations and requirements as...

Chapter 10. Consumer Credit Banks [Repealed]. -

Chapter 11. TAXATION

§ 1101. Tax on net earnings. - (a) A franchise tax is hereby imposed on the “taxable...

§ 1101A. Alternative annual franchise tax; rate of taxation. - (a) Any banking organization or trust company required to pay...

§ 1102. Statement of net income to be filed. - (a) For purposes of assessment, the president, treasurer or other...

§ 1103. Review of tax. - The assessment of tax under this chapter shall be reviewed...

§ 1104. Date of payment and collection of tax; estimated tax. - (a) Taxes imposed under this chapter are due and payable...

§ 1105. Rate of taxation; credits [For application of this section, see 79 Del. Laws, c. 291, §§ 2 and 3]. - (a) The rate of tax upon the taxable income of...

§ 1106. Disposition of taxes. - All moneys collected or received under this chapter shall be...

§ 1107. Duties of Attorney General. - The Attorney General shall act as the legal representative of...

§ 1109. State corporation income and other taxes; exemption. - Notwithstanding Title 30, all banking organizations, trust companies and federal...

§ 1110. Severability. - If any provision of this chapter or the application of...

§ 1111. Period of limitation upon assessments. - (a) Except as otherwise provided in this section, the amount...

§ 1112. Period of limitation on credit or refund. - Claim for a credit or refund of an overpayment of...

§ 1113. Secrecy of returns and information; penalty. - (a) Except in accordance with proper judicial order or as...

§ 1114. Abatements. - (a) The Commissioner is authorized to abate the unpaid portion...

§ 1115. Closing agreements. - The Commissioner, or any person authorized in writing by the...

Chapter 12. BANK OWNERSHIP AND PARTICIPATION IN EXPORT TRADING COMPANY ACT

§ 1201. Participation by banks located in State in export trading companies. - Notwithstanding any other provision of this chapter, banks regulated hereunder...

Chapter 13. Banking Organization’s Power to Close Offices on Holidays and During Emergencies

§ 1301. Definitions. - As used in this chapter, unless the context requires otherwise:...

§ 1302. Closing on legal holidays. - Any banking organization may, at its option, either close or...

§ 1303. Proclamation of emergency. - Whenever the Governor declares a disaster or emergency under Chapter...

§ 1304. Powers of officers. - Whenever the officers of a banking organization are of the...

§ 1305. Prompt notice required. - A banking organization closing an office or offices pursuant to...

§ 1306. Immunity from liability. - No banking organization and no director, officer or employee of...

§ 1307. Construction of chapter. - This chapter shall be construed and applied as being in...

§ 1308. Limited operations authorized. - A bank office closed as authorized by this chapter may...

Chapter 14. FOREIGN BANKS

Subchapter I. Foreign Bank Branches, Foreign Bank Limited Purpose Branches and Foreign Bank Agencies

§ 1401. Scope; construction. - This subchapter deals with conditions under which foreign banks may...

§ 1402. When foreign banks may transact business in this State. - (a) No foreign banks shall transact a banking business or...

§ 1403. Application; approval by Commissioner. - (a) The application of a foreign bank to procure a...

§ 1404. Rights and privileges of foreign bank holding certificate of authority; prohibited acts; deposits. - (a) (1) A foreign bank holding a certificate of authority...

§ 1405. Maintenance of assets in this State; separate assets. - (a) Each foreign bank holding a certificate of authority pursuant...

§ 1406. Reports of foreign bank; penalties. - (a) Every foreign bank holding a certificate of authority pursuant...

§ 1407. Rules, regulations and orders. - In addition to any other authority granted under this title,...

§ 1408. Change of location, name or business; transfer or assignment of certificate of authority. - (a) Any foreign bank holding a certificate of authority pursuant...

§ 1409. Termination of existence. - In the event a foreign bank holding a certificate of...

§ 1410. Revocation of certificate of authority. - (a) Upon the determination of the Commissioner that any foreign...

§ 1411. Applicability of other laws. - Every foreign bank holding a certificate of authority pursuant to...

§ 1412. Actions maintained by foreign bank. - In maintaining any suit, action or proceeding in this State,...

§ 1413. Actions maintained against foreign bank. - (a) A suit, action or proceeding against a foreign bank...

§ 1414. Registered office; registered agent; filing of changes. - (a) A foreign bank holding a certificate of authority pursuant...

§ 1415. Service of process, notice or demand on foreign bank; service on registered agent; service on Commissioner. - (a) Service of process in any suit, action or proceeding...

§ 1416. Examinations, cooperative agreements, fees. - (a) The Commissioner may make such examination of any foreign...

Subchapter II. Foreign Bank Representative Office

§ 1420. Scope. - This subchapter deals with conditions under which foreign banks may...

§ 1421. License required. - No person, copartnership, association, corporation or other entity shall establish...

§ 1422. Application for license; fee; findings required for issuance. - (a) The application for a license shall contain information and...

§ 1423. License provisions. - Any foreign bank holding a license pursuant to this subchapter...

§ 1424. Records; reports; fee. - (a) Each foreign bank which is licensed to establish and...

§ 1425. Revocation of license. - If the Commissioner finds: (1) The licensee or its representative...

§ 1426. Applicability of other laws. - Every foreign bank holding a license pursuant to this subchapter...

Subchapter III. Merger of Delaware Banks and Foreign Banks; Resulting Branch Offices of Foreign Banks

§ 1430. Scope. - This subchapter deals with the conditions under which Delaware banks...

§ 1431. Definitions. - (a) “Branch office,” “Delaware bank,” “Delaware state bank,” “existing Delaware...

§ 1432. Authority for merger. - An existing Delaware bank may merge with or into an...

§ 1433. Authority for interstate branch offices of out-of-state foreign banks. - (a) The place of business or main office and all...

§ 1434. Powers. - An out-of-state foreign bank which establishes one or more branch...

§ 1435. Authorized agency activities. - A resulting branch office in this State of an out-of-state...

§ 1436. Applicability of other laws. - Every foreign bank operating a resulting branch office in this...

Chapter 15. CREDIT CARD INSTITUTIONS

Subchapter I. General Provisions

§ 1501. Scope; construction. - This chapter provides for the creation of credit card institutions,...

§ 1502. Applicability of other laws. - A corporation formed under and pursuant to this chapter shall...

§ 1503. Taxation. - Every corporation created under and pursuant to this chapter, and...

§ 1505. Corporate name. - No corporation formed under this chapter shall use the words...

Subchapter II. Formation

§ 1510. Incorporators. - Any person, partnership, association or corporation, singly or jointly with...

§ 1511. Articles of association; contents and execution. - (a) The articles of association of a credit card institution...

§ 1512. Notice of intention to incorporate; publication. - Notice of the intention of the incorporator(s) to form a...

§ 1513. Application for certificate of public convenience and advantage. - Within 60 days after the second publication of the notice...

§ 1514. Determination of public convenience. - Upon the application for a certificate that public convenience and...

§ 1515. Organizational meeting; notice; proceedings. - At the organizational meeting or at any adjournment thereof, the...

§ 1516. Articles of organization — Contents. - The president and a majority of the directors elected at...

§ 1517. Same — Approval. - The articles of organization, together with the records of the...

§ 1518. Same — Filing. - The articles of organization with the endorsement of the State...

§ 1519. Certificate of incorporation. - (a) Upon the filing of the articles of organization as...

§ 1520. Commencement of corporate existence. - Upon the issuance of the certificate of incorporation by the...

§ 1521. Certificate authorizing transaction of business. - A certified copy of the certificate of incorporation and of...

§ 1522. Revocation of charter for failure to commence business within 6 months. - Every corporation created under this chapter shall within 6 months...

§ 1523. Fees. - (a) The following fees shall be collected by and paid...

Subchapter III. Conduct of Internal Corporate Affairs

§ 1530. Bylaws. - A corporation established under this chapter may adopt bylaws for...

§ 1531. Directors. - (a) The business of every corporation organized under this chapter...

§ 1532. Stockholders' meetings. - (a) Meetings of stockholders (except the meeting of incorporators referred...

§ 1533. Voting rights of stockholders. - Each stockholder shall at every meeting of the stockholders be...

§ 1534. Par value of capital stock; payment for and issuance thereof; increase and reduction in such stock. - The capital stock shall be divided into shares of a...

§ 1535. Stockholders' liability. - The private property of the stockholders shall not be subject...

§ 1536. Dividends. - The directors of a credit card institution may declare dividends...

§ 1537. Amendment of charter or certificate of incorporation. - (a) Credit card institutions created by or under this Code...

§ 1538. Merger and consolidation — Authorized; procedure. - Subject to § 1539 of this title, no corporation created...

§ 1539. Same — Acquisition of assets and assumption of liabilities; Commissioner's approval; title to property. - (a) No corporation organized under this chapter shall merge or...

Subchapter IV. Powers, Conditions and Prohibitions

§ 1541. Powers and limitations. - (a) Any corporation formed under this chapter may engage only...

§ 1542. Office in State. - Every credit card institution shall have a single office in...

§ 1543. Revocation of authority to transact business. - (a) Upon determining that any corporation organized under this chapter...

§ 1544. Merger with or conversion into national bank. - No corporation established under this chapter may merge with or...

Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS

Subchapter I. General Provisions

§ 1601. Establishment of savings banks; definition. - Savings banks shall be established or created in this State...

§ 1602. Applicability of other laws. - Every corporation created under this chapter shall be deemed to...

§ 1603. Taxation. - Every corporation created by or under this chapter shall be...

Subchapter II. Formation of a Savings Bank

§ 1621. Incorporators; number and qualifications. - Three or more persons of lawful age, at least 2...

§ 1622. Articles of association; contents and execution. - (a) The articles of association shall set forth that the...

§ 1623. Notice of intention to incorporate; publication. - Notice of the intention of the incorporators to form a...

§ 1624. Application for a certificate of public convenience and advantage. - Within 60 days after the second publication of the notice...

§ 1625. Determination of public convenience. - Upon the application for a certificate that public convenience and...

§ 1626. Organization meeting of incorporators; notice; proceedings. - (a) The first meeting of the incorporators shall be called...

§ 1627. Articles of organization. - The president and a majority of the directors elected at...

§ 1628. Approval of articles of organization. - The articles of organization, together with the records of the...

§ 1629. Filing of articles of organization. - The articles of organization with the endorsement of the State...

§ 1630. Certificate of incorporation; issuance, form, recording and evidence. - (a) Upon the filing of the articles of organization as...

§ 1631. Commencement of corporate existence. - Upon the issuance of the certificate of incorporation by the...

§ 1632. Commencement of business; certificate authorizing. - (a) A certified copy of the certificate of incorporation and...

§ 1633. Revocation of charter for failure to commence business within reasonable time. - Every corporation created under this chapter shall, after the expiration...

§ 1634. Fees of Secretary of State and Commissioner. - The following fees shall be collected by and paid to...

Subchapter III. Conduct of Internal Corporate Affairs

§ 1641. Bylaws, adoption, amendment and repeal. - A corporation may adopt bylaws for the proper management of...

§ 1642. Directors; number, quorum, term, vacancies and oath. - (a) The business of every corporation organized under this chapter...

§ 1643. Stockholders' meetings; time, place, adjournment and quorum. - (a) Meetings of stockholders (except the meeting of incorporators referred...

§ 1644. Voting rights of stockholders. - Each stockholder shall, at every meeting of the stockholders, be...

§ 1645. Capital stock; minimum required. - The capital stock of a savings bank organized under this...

§ 1646. Par value of stock; payment for and issuance; increase and reduction. - The capital stock shall be divided into shares of a...

§ 1647. Stockholders' liability. - The private property of the stockholders shall not be subject...

§ 1648. Dividends. - The directors of a savings bank may declare dividends on...

§ 1649. Meetings of members of nonstock corporations; voting rights; time, place, adjournment and quorum. - (a) Unless otherwise provided in the certificate of incorporation of...

§ 1650. Amendment of charter. - (a) Savings banks organized under this chapter shall amend their...

Subchapter IV. Powers and Prohibitions

§ 1661. General powers of corporations organized under this chapter. - (a) A corporation established under and in compliance with this...

§ 1662. Limitations on powers and activities of savings banks. - (a) (1) A savings bank shall operate so as to...

§ 1663. Loans on security of and purchase of its own capital stock. - No corporation established under this chapter shall directly or indirectly...

§ 1664. Conversion of a nonstock savings bank to a stock savings bank. - Subject to the approval of the Commissioner, a savings bank...

§ 1665. Reorganization as a mutual holding company. - Subject to the approval of the State Bank Commissioner, a...

Chapter 17. REGULATION

Subchapter I. General Provisions

§ 1701. Definitions. - For the purpose of this Code and any other laws...

§ 1702. Application of chapter; exception. - (a) This chapter shall apply to and be enforceable against...

§ 1703. Supervision and examination of association by Commissioner. - (a) Every building and loan association having an office or...

§ 1704. Exemption from examination by Commissioner. - A building and loan association which shall be examined by...

§ 1705. Annual report to Commissioner. - (a) Every building and loan association existing under this Code...

§ 1706. Publication of statement of assets and liabilities. - The State Bank Commissioner may require annually at the end...

§ 1708. Exemption from operation of attachment laws. - No building and loan association authorized to do business under...

§ 1709. Unsound condition of association or unauthorized conduct of business; receivership and other remedial proceedings. - (a) Proceedings may be instituted against any building and loan...

§ 1710. Violations and penalties. - Any building and loan association wilfully violating or failing to...

Subchapter II. License to Do Business

§ 1721. Requirement of license. - No person shall engage in the business of a building...

§ 1722. Annual license fees. - Every building and loan association created under this Code or...

§ 1723. Application for license generally; grounds for refusal; fee upon approval of application; investigation fee; moratorium upon issuance. - (a) Every person, desiring to obtain a license under this...

§ 1724. Issuance of license; term. - If it appears from the annual statement filed with the...

§ 1725. Revocation or withholding of license. - If any building and loan association violates this chapter, or...

§ 1726. Penalty for doing business without license. - Whoever, being an agent or officer of any building and...

§ 1727. Insurance required. - A building and loan association whose total assets exceed $15,000,000...

Chapter 18. TAXATION

§ 1801. Annual franchise tax; rate of taxation. - (a) A franchise tax is hereby imposed on the “taxable...

§ 1802. Report of net earnings and payment of tax; penalties. - (a) Within 75 days after the end of its fiscal...

§ 1803. Tax lien. - If any building and loan association shall fail to pay...

§ 1804. State corporation income tax; exemption. - All building and loan associations being taxed in accordance with...

§ 1805. Rules and regulations. - The State Bank Commissioner may, from time to time, adopt...

§ 1806. Exemption from other taxes. - The taxation of the income of the building and loan...

§ 1807. Secrecy of returns and information; penalty. - (a) Except in accordance with proper judicial order or as...

§ 1808. Abatements. - (a) The Commissioner is authorized to abate the unpaid portion...

§ 1809. Closing agreements. - The Commissioner, or any person authorized in writing by the...

Chapter 19. POWERS AND CONDUCT OF BUSINESS

§ 1901. Members of association. - All shareholders of record and all borrowers from a building...

§ 1902. Special powers of domestic association. - Building and loan associations organized under Title 8 may, in...

§ 1903. Authorized plans of operation. - Any duly licensed or registered building and loan association doing...

§ 1904. Dividends. - Every building and loan association duly licensed or registered, provided...

§ 1905. Branch offices. - The establishment of a branch office by a building and...

§ 1906. Premiums, fines and fees. - (a) The power to collect premiums, fines and membership fees...

§ 1907. Withdrawal value of shares. - The withdrawal value paid in any 1 fiscal year to...

§ 1908. Investment of association's funds in corporate stock. - The funds of a building and loan association, existing under...

§ 1909. Membership in Federal Home Loan Bank. - Any building and loan association incorporated under this Code or...

§ 1910. Borrowing from Federal Home Loan Bank. - Any building and loan association doing business in this State...

§ 1911. Power to borrow generally. - Any building and loan association doing business in this State...

§ 1912. Limitation on loans not secured by first mortgage on real estate. - Not more than 50 percent of the shareholders' invested capital...

§ 1913. Matured stock. - When, from the distribution of the profits of any building...

§ 1914. Contingent fund. - A building and loan association may set aside in its...

§ 1915. Undivided profits. - Any building and loan association may, at the discretion of...

§ 1916. Fiscal agent. - If and when an association is a member of a...

§ 1917. Investment by minors. - (a) Any building and loan association in this State may...

§ 1918. Investments standing in the name of decedents. - Building and loan associations may pay out the investment of...

§ 1919. Investments standing in the names of 2 or more persons. - When an investment in the shares of any building and...

§ 1920. Investments in trust. - When an investment is made by any person in the...

§ 1921. Powers similar to federally chartered institutions. - To the extent authorized by the Commissioner pursuant to regulations,...

Chapter 20. MERGER, CONSOLIDATION OR CONVERSION

§ 2001. Merger, consolidation and conversion authorized. - Any 2 or more building and loan associations incorporated under...

§ 2002. Approval of joint plan of merger or consolidation, or plan of conversion. - The board of directors of each of the associations or...

§ 2003. Articles of merger, consolidation or conversion. - Upon the approval, pursuant to this chapter, of the plan...

§ 2004. Advertisement. - The association or federal savings and loan association shall advertise...

§ 2005. Filing of articles of merger, consolidation or conversion; payment of fees; approval by Secretary of State. - The articles of merger, consolidation or conversion, as the case...

§ 2006. Approval of articles of merger, consolidation or conversion by State Bank Commissioner. - The State Bank Commissioner shall, immediately upon the receipt from...

§ 2007. Issuance of certificate of merger, consolidation or conversion. - Immediately upon receipt of the approved articles of merger, consolidation...

§ 2008. Effect of merger, consolidation or conversion. - (a) Upon the merger or consolidation becoming effective, the several...

§ 2009. Rights of dissenting shareholders. - If any shareholder of an association or federal savings and...

§ 2010. Effective date of merger, consolidation or conversion. - Upon the issuance of the certificate of merger, consolidation or...

§ 2011. Branch offices. - (a) Any building and loan association incorporated under the laws...

§ 2012. Fees for merger, consolidation or conversion. - The resulting association shall pay to the office of State...

Chapter 21. MORTGAGE LOAN BROKERS

§ 2101. Definitions. - In this chapter, unless the context otherwise requires: (1) “Borrower”...

§ 2102. License required. - (a) Subject to the provisions of subsection (b) of this...

§ 2103. Application and fees. - (a) Every application for a license shall be in writing,...

§ 2104. Issuance of license. - Upon the filing of an application for a license, if...

§ 2105. Changes in officers or directors of licensee. - In the event that there shall be any change among...

§ 2106. License requirements. - A licensee shall obtain a license for each office or...

§ 2107. Renewal of license. - Every holder of a license or a renewal thereof, as...

§ 2108. Surety bonds and irrevocable letters of credit. - (a) Surety bonds. — (1) Every licensee shall file with...

§ 2109. Suspension, revocation or surrender of license. - (a) The Commissioner may revoke any license issued hereunder if...

§ 2110. Supervision and examination of business by Commissioner. - (a) Each licensee shall be subject to the supervision of...

§ 2111. Maintenance of books and records by licensee. - (a) Every licensee shall maintain such books, accounts and records...

§ 2112. Regulations. - The Commissioner may adopt such regulations, not inconsistent herewith, as...

§ 2113. Mortgage or loan broker disclosures. - A licensee may not receive a fee for acting as...

§ 2114. Responsibilities of mortgage loan brokers. - A mortgage loan broker shall diligently and in good faith...

§ 2115. Mortgage loan broker fees. - A licensee may not accept any fee in connection with...

§ 2116. Penalty. - Any person who violates any provision of this chapter shall...

§ 2117. Multi-state automated licensing system. - (a) The Commissioner is authorized to participate in any automated...

§ 2118. Reverse mortgages. - (a) For purposes of this section, unless the context requires...

§ 2119. Mortgage loan modification services; compensation. - (a) As used in this section, unless the context requires...

Chapter 22. LICENSED LENDERS

Subchapter I. Licensing

§ 2201. Definitions. - In this chapter, unless the context otherwise requires: (1) “Person”...

§ 2202. License required. - (a) Every person desiring to transact the business of lending...

§ 2203. Application and fees. - (a) Every application for a license shall be in writing...

§ 2204. Issuance of license. - Upon the filing of an application for a license, if...

§ 2205. Changes in officers or directors of licensee. - In the event that there shall be any change among...

§ 2206. License requirements; acquisition. - (a) A licensee shall obtain a license for each office...

§ 2207. Renewal of license. - Every holder of a license or a renewal thereof, as...

§ 2208. Surety bonds and irrevocable letters of credit. - (a) Surety bonds. — (1) Every licensee shall file with...

§ 2209. Suspension, revocation or surrender of license. - (a) The Commissioner may revoke any license issued hereunder if...

§ 2210. Supervision and examination of business by Commissioner. - (a) Every person or combination of persons licensed to transact...

§ 2211. Maintenance of books and records by licensee. - (a) Every licensee shall maintain such books, accounts and records...

§ 2212. Retention of books and records by licensee. - All books, accounts and records of the licensee shall be...

§ 2213. Contents of books and records. - The Commissioner may prescribe the minimum information to be shown...

§ 2213A. Multi-state automated licensing system. - (a) The Commissioner is authorized to participate in any automated...

Subchapter II. Revolving Credit

§ 2214. Definitions. - As used in this subchapter: (1) “Revolving credit plan” or...

§ 2215. Extension of credit. - Any licensee may offer and extend credit under a revolving...

§ 2216. Interest. - A licensee may charge and collect interest under a revolving...

§ 2217. Variable rates. - If the agreement governing the revolving credit plan so provides,...

§ 2218. Additional charges. - (a) In addition to or in lieu of interest at...

§ 2219. Terms for indebtedness. - A licensee may, if the agreement governing a revolving credit...

§ 2220. Omitted installments. - A licensee may at any time and from time to...

§ 2221. Insurance. - (a) A licensee may request but not require an individual...

§ 2222. Delinquent installments. - (a) If the agreement governing a revolving credit plan so...

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Delaware Code Title 5 - Banking

Delaware Code
Title 5 - Banking