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Delaware Statutes, Title 5

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Delaware/Statutes

← All Delaware coverage

Title 5, Banking

31 chapters · 735 sections in this title.

All chapters in Title 5735 Ch 7, CORPORATION LAW FOR STATE BANKS AND …100 Ch 9, REGULATIONS GOVERNING BUSINESS OF BA…73 Ch 22, LICENSED LENDERS61 Ch 1, STATE BANK COMMISSIONER42 Ch 8, ACQUISITION OF INTERESTS IN BANKING …39 Ch 23, Money Transmission and Virtual Curre…39 Ch 35, Delaware Payment Stablecoins Act [Fo…38 Ch 15, CREDIT CARD INSTITUTIONS33 Ch 16, CORPORATION LAW FOR STATE SAVINGS BANKS33 Ch 14, FOREIGN BANKS30 Ch 33, BUSINESS AND INDUSTRIAL DEVELOPMENT …24 Ch 24, Mortgage Loan Originators23 Ch 27, CASHING OF CHECKS, DRAFTS OR MONEY O…23 Ch 19, Powers and Conduct of Business21

24 sections·Filtered byTitle 5✕Ch 33✕

5 Del. C. § 3301. Short title.
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§ 3301. Short title. This chapter shall be known and may be cited as the “Delaware Bidco Act.”66 Del. Laws, c. 344, § 1;
5 Del. C. § 3302. Findings; declaration of purposes.
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§ 3302. Findings; declaration of purposes. (a) It is determined and declared as a matter of legislative finding that: (1) The availability of financial and management assistance are important resources to small businesses to locate, remain and expand in the State, which, in time,…
5 Del. C. § 3303. Definitions.
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§ 3303. Definitions. For the purposes of this chapter, unless otherwise specifically defined, or unless another intention clearly appears or unless the context requires a different meaning: (1) “Affiliate” means, if used with respect to a specified person other than a natural per…
5 Del. C. § 3304. Applicability of other laws.
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§ 3304. Applicability of other laws. A corporation licensed under and pursuant to this chapter shall be known as a Bidco, shall be subject to regulation by the Commissioner and shall be deemed subject to the General Corporation Law of Delaware to the extent that such law is not i…

5 Del. C. § 3305. Corporate name.

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§ 3305. Corporate name. Each corporation licensed under this chapter shall use the word “Bidco” in its corporate name.66 Del. Laws, c. 344, § 1;

5 Del. C. § 3306. Supervision of Bidcos.

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§ 3306. Supervision of Bidcos. (a) The Commissioner shall administer this chapter and shall have supervision responsibility for all Bidcos incorporated under the laws of this State, and shall secure the execution of all laws relative to Bidcos. (b) The Commissioner shall issue or…

5 Del. C. § 3307. Fees.

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§ 3307. Fees. The Commissioner shall establish a schedule of fees, which the Commissioner determines to be reasonable and necessary to effectuate the purposes of this chapter, in connection with the licensing, administration and supervision of Bidcos, and such schedule shall be s…

5 Del. C. § 3308. Liberal construction.

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§ 3308. Liberal construction. This chapter shall be liberally construed to accomplish its purposes.66 Del. Laws, c. 344, § 1;

5 Del. C. § 3311. Applications; review by Commissioner.

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§ 3311. Applications; review by Commissioner. (a) A Delaware corporation may apply to the Commissioner for a license to form and conduct business as a Bidco. A person other than a Delaware corporation may not apply for such a license. (b) An application filed with the Commissione…

5 Del. C. § 3312. Voluntary surrender of Bidco license.

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§ 3312. Voluntary surrender of Bidco license. (a) Upon approval of a two-thirds vote of its board of directors and after complying with subsection (b) of this section, a licensee may apply to the Commissioner to have the Commissioner accept the surrender of the license of such li…

5 Del. C. § 3321. Office.

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§ 3321. Office. (a) A licensee shall maintain not less than 1 office in the State. (b) Each office of a licensee, whether within or outside of the State, shall be located in a place which is reasonably accessible to the public. (c) A licensee shall maintain at each of its offices…

5 Del. C. § 3322. Business of a Bidco.

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§ 3322. Business of a Bidco. (a) The business of a licensee shall be the business of providing financing assistance and management assistance to business firms. (b) A licensee may determine the structure and the terms and conditions for financing assistance provided by that licen…

5 Del. C. § 3323. Control of business firm prohibited; exceptions.

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§ 3323. Control of business firm prohibited; exceptions. (a) Either by itself or in concert with 1 or more of its directors, officers, principal shareholders or affiliates, 1 or more other licensees or 1 or more directors, officers, principal shareholders or affiliates of another…

5 Del. C. § 3324. Business of Bidco to be conducted in prudent business manner.

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§ 3324. Business of Bidco to be conducted in prudent business manner. (a) A licensee shall transact its business in a prudent business manner and shall maintain itself in a viable condition. (b) In determining whether a licensee is transacting business in a prudent business manne…

5 Del. C. § 3325. Avoidance of conflict of interest.

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§ 3325. Avoidance of conflict of interest. (a) A licensee shall avoid any transaction or act which involves, or has the potential to involve, a conflict of interest, unless such transaction or act and the circumstances underlying the conflict or potential conflict of interest are…

5 Del. C. § 3331. General rules.

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§ 3331. General rules. (a) Without the prior approval of the Commissioner, a licensee shall not consummate a transaction involving a merger, acquisition of control or a sale of all or substantially all of its business assets, where the licensee is a principal party to such transa…

5 Del. C. § 3341. Form and maintenance of Bidco records; annual audited report.

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§ 3341. Form and maintenance of Bidco records; annual audited report. (a) A licensee shall make and keep books, accounts and other records in such form and manner as the Commissioner may require. Such records shall be kept at such place and shall be preserved for such length of t…

5 Del. C. § 3342. Periodic report requirements.

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§ 3342. Periodic report requirements. In addition to the audited report required by § 3341(b) of this title, a licensee shall file with the Commissioner such other reports and at such times as the Commissioner may require. Any report required by the Commissioner under this sectio…

5 Del. C. § 3343. Examination of Bidcos.

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§ 3343. Examination of Bidcos. (a) The Commissioner shall visit and examine each licensee as frequently as the Commissioner deems it necessary or expedient of such licensee. On the occasion of every such visit and examination, the Commissioner shall (in company with 1 or more of …

5 Del. C. § 3351. Investigations.

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§ 3351. Investigations. (a) The Commissioner may make such investigations within or without the State as the Commissioner may consider necessary or appropriate for determining whether to approve an application filed with the Commissioner under this chapter or for determining whet…

5 Del. C. § 3352. False statements, entries or reports; penalty.

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§ 3352. False statements, entries or reports; penalty. Every director, officer, agent, clerk or employee of any entity affected by § 3343 or § 3351 of this title, who wilfully or knowingly subscribes or exhibits any false paper, with intent to deceive any person authorized to inv…

5 Del. C. § 3353. Violations; remedies.

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§ 3353. Violations; remedies. (a) Subject to the State Administrative Procedures Act, the Commissioner may issue an order, setting forth an appropriate remedy, including, without limitation, a cease-and-desist order, an order removing any person from office with a licensee or pro…

5 Del. C. § 3354. Receivership.

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§ 3354. Receivership. (a) If the Commissioner finds that a licensee is insolvent, or such licensee is transacting business without authority or in violation of this chapter or any other law or it is contrary to the purposes of this chapter for such licensee to continue business, …

5 Del. C. § 3355. Penalties.

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§ 3355. Penalties. (a) Subject to the State Administrative Procedures Act, should the Commissioner find that any person has violated this chapter, other than that prohibited under § 3352 of this title, the Commissioner may order such person to pay to the State a civil penalty in …