Title 5, Banking

§ 791. Book value of assets. Without approval by the State Bank Commissioner no asset shall be carried on the books of the resulting bank at a valuation higher than that on the books of a merging or converting bank at the time of its last examination by a state or national bank e…

§ 792. Investigation fee. The resulting bank shall pay to the office of the State Bank Commissioner an investigation fee of $1,150 which shall not be refundable and shall be submitted with the application.60 Del. Laws, c. 268, § 7; 67 Del. Laws, c. 260, § 1; 71 Del. Laws, c. 25, …

§ 793. Conversion of credit card institution on or after September 29, 1997. (a) Any credit card institution formed under Chapter 15 of this title, upon filing with the Commissioner an application in such form as the Commissioner shall from time to time prescribe, submitted and s…

§ 794. Conversion of a building and loan association. (a) Notwithstanding any other provision of this title, a building and loan association with voting stock regulated pursuant to Chapter 17 of this title may become a bank which shall be deemed as having been formed under and wh…

§ 795. Definitions. As used in this subchapter: (1) “Bank” means a Delaware state bank, out-of-state state bank, Delaware national bank or out-of-state national bank. (2) “Bank holding company” has the meaning specified in the Bank Holding Company Act of 1956, as amended, 12 U.S.…

§ 795A. Purpose. It is the express intent of this subchapter to do all of the following: (1) Permit interstate branching by merger under § 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, in accordance with the provisions set…

§ 795B. Authority for interstate branch offices. (a) The place of business or main office and all branch offices of a merging bank may continue as branch offices, or one of them may be designated as the place of business or main office, of the resulting bank. (b) A resulting bank…

§ 795C. Merger with resulting Delaware national bank. (a) Delaware banks may merge with or into out-of-state banks to form a resulting Delaware national bank. The action to be taken by a merging Delaware bank that is a Delaware state bank and its rights and liabilities and those …

§ 795D. Merger with or conversion into resulting Delaware state bank or Delaware state trust company. (a) Upon written approval by the State Bank Commissioner, out-of-state banks may be merged with or into Delaware banks to result in a Delaware state bank in the same manner as th…

§ 795E. Merger with resulting out-of-state national bank. (a) Existing Delaware banks may merge with or into out-of-state banks to form a resulting out-of-state national bank. The action to be taken by a merging existing Delaware bank that is a Delaware state bank and its rights …

§ 795F. Merger with resulting out-of-state state bank. (a) Existing Delaware banks may be merged with or into out-of-state banks to result in an out-of-state state bank; provided, that written approval by the State Bank Commissioner is required for any such merger of an existing …

§ 795G. Authority for emergency mergers. Notwithstanding any other provision in this title, the Commissioner may approve the merger of a Delaware state bank with an out-of-state bank upon determining that the merging Delaware state bank is in default or in danger of default; prov…

§ 795H. Concentration limits; approval of Commissioner. The Commissioner may approve a merger, in accordance with §§ 795C, 795D, 795E, 795F and 795G of this title, even though the resulting bank (including all insured depository institutions, as defined in the Federal Deposit Ins…

§ 795I. Powers. (a) An out-of-state state bank which establishes and maintains one or more branch offices in this State under this subchapter may conduct any activities at such branch office or offices that are authorized under the laws of this State for Delaware state banks. (b)…

§ 795J. Examinations; periodic reports; cooperative agreements; regulations; fees. (a) The Commissioner may make such examinations of any branch office in this State of an out-of-state state bank as the Commissioner may deem necessary to determine whether such branch office is op…

§ 795K. Enforcement. If the Commissioner determines that a branch office maintained by an out-of-state state bank in this State is being operated in violation of any provision of the laws of this State, or that such branch office is being operated in an unsafe and unsound manner,…

§ 795L. Regulations. The Commissioner may promulgate regulations to carry out the Commissioner’s responsibilities under this subchapter.70 Del. Laws, c. 112, § 15; 70 Del. Laws, c. 186, § 1;

§ 795M. Notice of subsequent merger, etc. An out-of-state state bank that maintains a branch office in this State established pursuant to this subchapter shall give at least 30 days prior written notice (or, in the case of an emergency transaction, such shorter notice as is consi…

§ 795N. Other mergers or consolidations with out-of-state banks not permitted. Except as otherwise provided in this subchapter or by applicable law of the United States, no Delaware bank may merge with or into any out-of-state bank and retain any branch office in this State or ot…

§ 796. Definitions. As used in this subchapter: (1) “Affiliate” has the meaning specified in § 2(k) of the Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841(k). (2) “Branch office” has the meaning specified in § 770 of this chapter and also includes a foreign branch …

§ 796A. Authorized agency activities. (a) Any bank may, upon compliance with the requirements of this section, agree to receive deposits, renew time deposits, close loans, service loans, receive payments on loans and other obligations, and perform such other services as may recei…

§ 796B. Regulations. The Commissioner may promulgate regulations to carry out the responsibilities under this subchapter.70 Del. Laws, c. 112, § 16; 70 Del. Laws, c. 186, § 1;

§ 797. Short title [For application of this section, see 85 Del. Laws, c. 346, § 9]. This chapter is entitled and may be cited as the “Family Trust Company Act.” 85 Del. Laws, c. 346, § 1;

§ 797A. Definitions [For application of this section, see 85 Del. Laws, c. 346, § 9]. As used in this subchapter: (1) “Adviser” means a person considered to be an adviser under § 3313 of Title 12. (2) “Affiliate” means a family affiliate of any family member and any person contro…

§ 797B. Establishment [For application of this section, see 85 Del. Laws, c. 346, § 9]. A corporation or a limited liability company established under this subchapter shall be known as a family trust company.85 Del. Laws, c. 346, § 1;

§ 797C. Powers; restrictions [For application of this section, see 85 Del. Laws, c. 346, § 9]. (a) With respect to a family trust company, the powers conferred by subchapter IV of this chapter or otherwise by law shall be limited solely to trust company powers and such powers as …

§ 797D. Organization; number of incorporators [For application of this section, see 85 Del. Laws, c. 346, § 9]. (a) Except as otherwise required by this subchapter, the organization of a family trust company is governed by subchapter II of this chapter. All of the following shall…

§ 797E. Application for a certificate of authority to establish a family trust company [For application of this section, see 85 Del. Laws, c. 346, § 9]. (a) The persons associating themselves for the purpose of forming a family trust company must file an application with the Comm…

§ 797F. Capital stock; capital assets [For application of this section, see 85 Del. Laws, c. 346, § 9]. (a) Section 745 of this title does not apply to a family trust company. The capital stock of a family trust company organized under this subchapter shall be $250,000. In additi…

§ 797G. Conversion of foreign family trust company or limited purpose trust company to family trust company [For application of this section, see 85 Del. Laws, c. 346, § 9]. (a) Upon written approval by the Commissioner, a foreign family trust company or a limited purpose trust c…

§ 797H. Conversion by a family trust company to a limited purpose trust company [For application of this section, see 85 Del. Laws, c. 346, § 9]. (a) Upon written approval by the Commissioner, a family trust company may convert to a limited purpose trust company, as described in …

§ 797I. Foreign trust offices of family trust companies [For application of this section, see 85 Del. Laws, c. 346, § 9]. Any family trust company may open 1 or more trust offices or other places of business without this State, in the United States of America, or its possessions …

§ 797J. Annual fee; change of designated relative fee [For application of this section, see 85 Del. Laws, c. 346, § 9]. (a) On or before January 30 of each year, other than the year in which the initial license fee was paid under § 797E of this title, each family trust company ho…

§ 797K. Insurance coverage [For application of this section, see 85 Del. Laws, c. 346, § 9]. A family trust company shall at all times maintain a director, officer and employee dishonesty bond in the amount of at least $1,000,000. In addition, a family trust company that is subje…

§ 797L. Confidentiality of family trust company records [For application of this section, see 85 Del. Laws, c. 346, § 9]. (a) Notwithstanding any contrary provision of this Code, and without limitation of the protections afforded by § 125 of this title or Chapters 100 and 101 of …

§ 797M. Violations [For application of this section, see 85 Del. Laws, c. 346, § 9]. If any family trust company is found by the Commissioner to have violated any condition or restriction of this subchapter or to have exercised powers beyond those conferred by this subchapter, or…

§ 797N. Examinations and regulations [For application of this section, see 85 Del. Laws, c. 346, § 9]. (a) The Commissioner may examine a family trust company as provided in Chapter 1 of this title. For each examination of a family trust company authorized under this subchapter, …

§ 797O. Applicability of other laws [For application of this section, see 85 Del. Laws, c. 346, § 9]. Except as otherwise expressly provided for in this subchapter, and to the extent not inconsistent with the object, purpose and provisions of this subchapter, a family trust compa…

§ 801. Definitions. As used in this subchapter: (1) “Bank” means a bank or trust company created under this title or a national banking association created under the National Bank Act (12 U.S.C. § 21 et seq.) after February 18, 1981. (2) “Out-of-state bank holding company” has th…

§ 802. Scope; construction. This subchapter deals with conditions under which out-of-state bank holding companies or subsidiaries thereof may acquire and hold shares of voting stock in banks located in this State before September 29, 1995; it shall not be construed to limit the p…

§ 803. Requirements for bank acquisitions before September 29, 1995. (a) Except as provided in 12 U.S.C. § 1842 and as provided in this chapter, no out-of-state bank holding company or any subsidiary thereof may acquire or hold, directly or indirectly, more than 5% of any voting …

§ 804. Application; approval by Commissioner. (a) Any out-of-state bank holding company or subsidiary thereof proposing an acquisition pursuant to § 803 of this title before September 29, 1995 shall file an application with the Commissioner for approval to make such acquisition. …

§ 805. Reports. An out-of-state bank holding company that directly or indirectly, through any subsidiary, acquires and holds voting stock of a bank pursuant to this subchapter shall file with the Commissioner upon the Commissioner’s request copies of all regular and periodic repo…

§ 806. Rules; regulations; orders. The Commissioner may adopt rules and regulations and issue orders under this subchapter including, but not limited to, rules, regulations and orders for the following purposes: (1) To prescribe information or forms required in connection with an…

§ 807. Divestiture. (a) Upon the Commissioner’s determination that any out-of-state bank holding company or subsidiary thereof is holding stock in a bank located in this State in violation of the conditions set forth in § 803 of this title or of its agreement pursuant to § 804(a)…

§ 821. Definitions. As used in this subchapter: (1) “State assisted bank” means a bank which the State has, in order to relieve financial distress determined to exist by the State Bank Commissioner, assisted by means of a grant, loan, asset purchase or deposit made pursuant to a …