Title 5, Banking

§§ 1001-1005. Definitions; applicability of other laws; taxation; reserved power of State to amend or repeal chapter; corporate name [Repealed]. Repealed by 71 Del. Laws, c. 19, § 53, eff. Apr. 23, 1997.

§§ 1010-1024. Incorporation by banks and bank holding companies; articles of association; contents and execution; notice of intention to incorporate; publication; application for certificate of public convenience and advantage; determination of public convenience; organization me…

§§ 1030-1040. Bylaws; directors; stockholders’ meetings; voting rights of stockholders; minimum capital stock and surplus; par value of capital stock; payment for and issuance thereof; increase and reduction in such stock; stockholders’ liability; dividends; amendment of charter …

§§ 1051-1055. Powers and limitations; office in State; business practices; required number of employees within State; revocation of authority to transact business [Repealed]. Repealed by 71 Del. Laws, c. 19, § 53, eff. Apr. 23, 1997.

§ 1056. Merger with or conversion into national bank [Repealed]. Repealed by 70 Del. Laws, c. 112, § 51, eff. Sept. 29, 1995.

§ 1101. Tax on net earnings. (a) A franchise tax is hereby imposed on the “taxable income” of banking organizations and trust companies (computed on a basis that consolidates with the income of such banking organization or trust company for the tax year involved, the income of al…

§ 1101A. Alternative annual franchise tax; rate of taxation. (a) Any banking organization or trust company required to pay a franchise tax pursuant to § 1101 of this title may annually elect, on its original return or on an amended return filed within 180 days of the due date of …

§ 1102. Statement of net income to be filed. (a) For purposes of assessment, the president, treasurer or other proper officer of every banking organization, trust company or federal savings bank not headquartered in this State but maintaining branches in this State (or out-of-sta…

§ 1103. Review of tax. The assessment of tax under this chapter shall be reviewed and corrected by the State Bank Commissioner upon application by any party interested, prior to the first day of May in the year in which the tax is levied, if, upon such application, good cause be …

§ 1104. Date of payment and collection of tax; estimated tax. (a) Taxes imposed under this chapter are due and payable on or before March 1 in the year in which they are assessed, and after that date shall be collected by the State Bank Commissioner. Except that with respect to a…

§ 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 banking organizations, trust companies and federal savings banks not headquartered in this State but maintaining branches in t…

§ 1106. Disposition of taxes. All moneys collected or received under this chapter shall be the moneys of the State, and the State Bank Commissioner shall pay all amounts so collected and received into the General Fund of the State Treasury.32 Del. Laws, c. 104, § 11; Code 1935, §…

§ 1107. Duties of Attorney General. The Attorney General shall act as the legal representative of the State in all actions or proceedings had under this chapter, and shall render legal assistance to the State Bank Commissioner in executing the provisions hereof.32 Del. Laws, c. 1…

§ 1109. State corporation income and other taxes; exemption. Notwithstanding Title 30, all banking organizations, trust companies and federal savings banks not headquartered in this State but maintaining branches in this State being taxed in accordance with this chapter, shall be…

§ 1110. Severability. If any provision of this chapter or the application of any section or part thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this chapter which can be given effect without the invalid …

§ 1111. Period of limitation upon assessments. (a) Except as otherwise provided in this section, the amount of tax imposed by this chapter shall be assessed within 3 years after the last day prescribed for filing the return or, if later, the date the return was filed. (b) In the …

§ 1112. Period of limitation on credit or refund. Claim for a credit or refund of an overpayment of any tax imposed by this chapter shall be filed by the taxpayer with the Commissioner not later than 3 years from the last date prescribed for filing the return (including the time …

§ 1113. Secrecy of returns and information; penalty. (a) Except in accordance with proper judicial order or as otherwise provided by law, it shall be unlawful for the Commissioner or any person who is an officer or employee in the Office of the Commissioner, or for any other offi…

§ 1114. Abatements. (a) The Commissioner is authorized to abate the unpaid portion of the assessment of any tax, interest, penalty, additional amount or addition to the tax, or any liability in respect thereof, which is: (1) Excessive in amount; (2) Assessed after the expiration …

§ 1115. Closing agreements. The Commissioner, or any person authorized in writing by the Commissioner, is authorized to enter into an agreement in writing with any person relating to the liability of such person (or of another person for whom such person acts) with respect to any…

§ 1201. Participation by banks located in State in export trading companies. Notwithstanding any other provision of this chapter, banks regulated hereunder may invest or otherwise participate in the capital and financing of, management, direction and advising of export trade comp…

§ 1301. Definitions. As used in this chapter, unless the context requires otherwise: (1) “Officers” means those persons designated by the banking organization’s board of directors or trustees to act for the banking organization. (2) “Emergency” means any condition which interfere…

§ 1302. Closing on legal holidays. Any banking organization may, at its option, either close or remain open on Saturdays, Sundays and the legal holidays designated in § 501 of Title 1 and holidays observed by the Federal Reserve Bank for the district which includes Delaware. As t…

§ 1303. Proclamation of emergency. Whenever the Governor declares a disaster or emergency under Chapter 31 of Title 20, banking organizations may close 1 or more or all of their offices when in the opinion of their officers such offices are directly or indirectly affected by such…

§ 1304. Powers of officers. Whenever the officers of a banking organization are of the opinion that an emergency exists which affects 1 or more of the organization’s offices, they shall have the authority to close 1 or more or all such offices even though the Governor has not iss…

§ 1305. Prompt notice required. A banking organization closing an office or offices pursuant to this chapter shall give as prompt notice to the State Bank Commissioner of its action as conditions will permit.65 Del. Laws, c. 298, § 1;

§ 1306. Immunity from liability. No banking organization and no director, officer or employee of a bank shall be liable to any person for any direct or indirect loss suffered by such person by reason of the organization’s failure or inability to make the organization’s premises a…

§ 1307. Construction of chapter. This chapter shall be construed and applied as being in addition to and not in substitution for any other law of this State or of the United States excusing delays by banking organizations in the performance of duties or obligations, or authorizin…

§ 1308. Limited operations authorized. A bank office closed as authorized by this chapter may nonetheless conduct limited operations and perform banking transactions.65 Del. Laws, c. 298, § 1;

§ 1401. Scope; construction. This subchapter deals with conditions under which foreign banks may transact business in this State; it shall not be construed to limit the powers granted to any bank in this State to conduct its business.65 Del. Laws, c. 444, § 6;

§ 1402. When foreign banks may transact business in this State. (a) No foreign banks shall transact a banking business or maintain in this State an office for carrying on such business or any part thereof, except as otherwise provided in subchapter III of this chapter, unless suc…

§ 1403. Application; approval by Commissioner. (a) The application of a foreign bank to procure a certificate of authority to establish and maintain a foreign bank branch, foreign bank limited purpose branch or foreign bank agency shall state: (1) The name of the foreign bank and…

§ 1404. Rights and privileges of foreign bank holding certificate of authority; prohibited acts; deposits. (a) (1) A foreign bank holding a certificate of authority pursuant to this subchapter that has elected this State as its home state under the International Banking Act of 19…

§ 1405. Maintenance of assets in this State; separate assets. (a) Each foreign bank holding a certificate of authority pursuant to this subchapter shall hold in this State currency, bonds, notes, debentures, drafts, bills of exchange or other evidence of indebtedness, including l…

§ 1406. Reports of foreign bank; penalties. (a) Every foreign bank holding a certificate of authority pursuant to this subchapter shall at such times and in such form as the Commissioner shall prescribe, make written reports to the Commissioner under the oath of 1 of its officers…

§ 1407. Rules, regulations and orders. In addition to any other authority granted under this title, the Commissioner may adopt rules and regulations and issue orders under this subchapter for the following purposes: (1) To prescribe information or forms required in connection wit…

§ 1408. Change of location, name or business; transfer or assignment of certificate of authority. (a) Any foreign bank holding a certificate of authority pursuant to this subchapter may make a written application to the Commissioner for leave to do 1 or more of the following: (1)…

§ 1409. Termination of existence. In the event a foreign bank holding a certificate of authority pursuant to this subchapter is dissolved or its authority or existence is otherwise terminated or cancelled under the laws under which it was organized, a certificate of the official …

§ 1410. Revocation of certificate of authority. (a) Upon the determination of the Commissioner that any foreign bank holding a certificate of authority pursuant to this subchapter is engaging in any activity not permitted by § 1404 of this title or is not in a safe and satisfacto…

§ 1411. Applicability of other laws. Every foreign bank holding a certificate of authority pursuant to this subchapter shall be deemed and held to be subject to this title and any other law or laws of this State making provision for the regulation of banks and trust companies whe…

§ 1412. Actions maintained by foreign bank. In maintaining any suit, action or proceeding in this State, a foreign bank holding a certificate of authority pursuant to this subchapter shall maintain such suit, action or proceeding in like manner and subject to the same limitations…

§ 1413. Actions maintained against foreign bank. (a) A suit, action or proceeding against a foreign bank holding a certificate of authority pursuant to this subchapter may be maintained by a resident of this State for any cause of action. For purposes of this subsection, the term…

§ 1414. Registered office; registered agent; filing of changes. (a) A foreign bank holding a certificate of authority pursuant to this subchapter shall have and continuously maintain in this State: (1) A registered office which may be, but need not be, the same as its place of bu…

§ 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 or service of any notice or demand required or permitted by law to be served on a foreign corporation may b…

§ 1416. Examinations, cooperative agreements, fees. (a) The Commissioner may make such examination of any foreign bank branch, foreign bank limited purpose branch or foreign bank agency in this State as the Commissioner may deem necessary to determine compliance with the laws of …

§ 1420. Scope. This subchapter deals with conditions under which foreign banks may operate representative offices in this State.65 Del. Laws, c. 444, § 6;