reglab/housing_qa huggingface dataset:
5 DE Code § 1512. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1512. Notice of intention to incorporate; publication.

§ 1512. Notice of intention to incorporate; publication. Notice of the intention of the incorporator(s) to form a credit card institution shall be given to the State Bank Commissioner, and a notice in such form as the Commissioner shall approve shall be published at least once a week, for 2 successive weeks, in 1 or more newspapers designated by the Commissioner, at least 1 of which newspapers shall be published in the county where it is proposed to establish the office of the credit card institution. The published notice shall specify the name of the incorporator(s) organizing the credit card institution, the name of the proposed corporation, the city or the town where it is to be located, and the amount of its capital stock. 70 Del. Laws, c. 112, §  77;  72 Del. Laws, c. 15, §  19;
5 DE Code § 1513. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1513. Application for certificate of public convenience and advantage.

§ 1513. Application for certificate of public convenience and advantage. Within 60 days after the second publication of the notice of intention to incorporate but not before the expiration of 20 days from the date of the second publication, the incorporator(s) shall apply to the State Bank Commissioner for a certificate that public convenience and advantage will be promoted by the establishment of the credit card institution. 70 Del. Laws, c. 112, §  77;  72 Del. Laws, c. 15, §  20;
5 DE Code § 1514. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1514. Determination of public convenience.

§ 1514. Determination of public convenience. Upon the application for a certificate that public convenience and advantage will be promoted by the establishment of the credit card institution, the State Bank Commissioner shall consider and determine whether public convenience and advantage would be promoted by the establishment of the credit card institution, and whether the terms and provisions of the articles of association and the proposed corporation's location and plan of operation are in compliance with this chapter, and shall issue or refuse to issue a certificate in accordance with such determination. In making such determination, the State Bank Commissioner shall consider, in addition to such other matters as the Commissioner may deem relevant, the experience of the incorporator(s) in the credit card business and with respect to the acceptance and administration of time deposits, and, if applicable, the quality of management and past financial performance. If the Commissioner refuses to issue a certificate, no further proceedings shall be had, but the application may be renewed after 1 year from the date of the refusal. If the Commissioner issues the certificate, the incorporator(s) shall hold the first meeting and follow the procedure prescribed by § 1515 of this title. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1515. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1515. Organizational meeting; notice; proceedings.

§ 1515. Organizational meeting; notice; proceedings. At the organizational meeting or at any adjournment thereof, the incorporator(s) shall appoint a temporary secretary, adopt bylaws and elect, in such matter as the bylaws may determine, directors, a president, a secretary and such other officers as the bylaws may prescribe. All the officers so elected shall be sworn to the faithful performance of their duties. The temporary secretary shall make and attest a record of the proceedings until the secretary has been chosen and sworn, including a record of such choice and qualification. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1516. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1516. Articles of organization — Contents.

§ 1516. Articles of organization — Contents. The president and a majority of the directors elected at the organizational meeting shall make, sign and make oath to, a certificate (hereinafter called “articles of organization” setting forth: A true copy of the articles of association; the name of the subscriber(s) thereto; the name, residence and post-office address of each of the officers of the corporation; and the date of the first meeting and the successive adjournments thereof, if any. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1517. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1517. Same — Approval.

§ 1517. Same — Approval. The articles of organization, together with the records of the proposed corporation, shall be submitted to the State Bank Commissioner. The Commissioner shall examine the same, and may require such amendment thereof or such additional information as the Commissioner may consider proper or necessary. If the Commissioner finds that the provisions of law have been complied with, the Commissioner shall endorse the Commissioner's approval upon the articles of organization. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1518. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1518. Same — Filing.

§ 1518. Same — Filing. The articles of organization with the endorsement of the State Bank Commissioner shall, within 30 days after the date of the endorsement, be filed in the office of the Secretary of State. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1520. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1520. Commencement of corporate existence.

§ 1520. Commencement of corporate existence. Upon the issuance of the certificate of incorporation by the Secretary of State and the recording of the certificate and articles of organization as provided in § 1519 of this title, the incorporator(s) named in the certificate, any successors, and assigns shall from the date of the certificate be and constitute a body corporate, for the purposes and by the name set forth in the certificate, subject to dissolution or the revocation or forfeiture of the franchise under this chapter or under this Code or any other statute of this State relating to the dissolution of or to the revocation or forfeiture of the charter or franchise of banks or trust companies; but the corporation shall not have the right to do any business until it has secured from the State Bank Commissioner of this State the certificate provided for in § 1521 of this title. 70 Del. Laws, c. 112, §  77;  70 Del. Laws, c. 186, §  1;
5 DE Code § 1521. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1521. Certificate authorizing transaction of business.

§ 1521. Certificate authorizing transaction of business. A certified copy of the certificate of incorporation and of the articles of organization and the endorsement of the approval of the State Bank Commissioner shall be filed with the State Bank Commissioner; and when the whole capital stock has been issued, the president and the cashier or treasurer of the corporation shall certify the names and addresses of the stockholders and the number of shares owned by them. Upon receipt of such certification, the Commissioner shall cause an examination to be made of the method of payment of the capital stock and if, after the examination, it appears that the whole capital stock stated in the articles of association has been paid in cash, and that all requirements of this Code and any other applicable law have been complied with, the Commissioner shall issue a certificate authorizing the corporation to begin the transaction of business. No corporation shall begin the transaction of business until a certificate has been granted authorizing it to do so. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1522. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1522. Revocation of charter for failure to commence business within 6 months.

§ 1522. Revocation of charter for failure to commence business within 6 months. Every corporation created under this chapter shall within 6 months from the date of its incorporation be actively engaged in the business for which it was created or its certificate of incorporation and corporate franchise shall be deemed and held to be revoked. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1523. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter II. Formation|§ 1523. Fees.

§ 1523. Fees. (a) The following fees shall be collected by and paid to the Secretary of State, for the use of the State: For making and issuing the certificate of incorporation, $10; for making the certified copy of the articles of organization, $10; for making the certified copy of the certificate of incorporation to be kept on file in the office of the Secretary of State and for filing and indexing the same and the articles of organization in said office, $5; for supplying any additional certified copy of the certificate of incorporation or articles of organization requested by the corporation, $5. (b) Before issuing the certificate authorizing the corporation to begin the transaction of business, the State Bank Commissioner shall collect from the corporation, for the use of the State, the sum of $5,750. In addition, the applicant shall pay an investigation fee of $1,150 which shall not be refundable and shall be submitted with the application. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1530. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1530. Bylaws.

§ 1530. Bylaws. A corporation established under this chapter may adopt bylaws for the proper management of its affairs, and may establish regulations controlling the assignment and transfer of its shares. The first set of bylaws shall be adopted at the organizational meeting, as provided in § 1515 of this title, but thereafter the power to make, alter or repeal bylaws shall be in the stockholders provided that any corporation may, in the articles of association, confer that power upon the directors. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1531. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1531. Directors.

§ 1531. Directors. (a) The business of every corporation organized under this chapter shall be managed by a board of directors. The number of directors which shall constitute the whole board shall be such as may be specified in the articles of association, but in no case shall the number be less than 5. The bylaws shall prescribe how many directors shall constitute a quorum for the transaction of business. (b) The directors elected at the organizational meeting, as provided in § 1515 of this title, shall hold office until the succeeding annual meeting of the stockholders and until their successors have been duly chosen and qualified, and thereafter shall be elected at the annual meeting of the stockholders or at an adjournment of the annual meeting. Vacancies in the board of directors shall be filled by a majority of the remaining directors, though less than a quorum, and the directors so chosen shall hold office until the next annual election and until their successors shall be duly elected and qualified. (c) Every director shall be sworn to the faithful performance of duties. 70 Del. Laws, c. 112, §  77;  70 Del. Laws, c. 186, §  1;
5 DE Code § 1532. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1532. Stockholders' meetings.

§ 1532. Stockholders' meetings. (a) Meetings of stockholders (except the meeting of incorporators referred to in § 1515 of this title) shall be held at such place either within or without this State as may be designated by or in the manner provided in the bylaws or if not so designated, at the office of the corporation in this State. The bylaws shall fix the time of the annual meeting and may provide for special or called meetings of stockholders. (b) Any meeting of the stockholders may be adjourned and at such adjourned meeting, any business may be transacted that could have been acted on at the meeting which was adjourned. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1533. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1533. Voting rights of stockholders.

§ 1533. Voting rights of stockholders. Each stockholder shall at every meeting of the stockholders be entitled to 1 vote in person or by proxy for each share of the capital stock held by such stockholder on all issues on which such stockholder is entitled to vote. No stock shall be voted which shall have been transferred on the books of the corporation within 20 days next preceding the stockholders meeting. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1534. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1534. Par value of capital stock; payment for and issuance thereof; increase and reduction in such stock.

§ 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 stated par value. No business shall be transacted by the corporation until the whole amount of its capital stock is subscribed for and actually paid in cash. No stock shall be issued by any corporation until the par value thereof shall be fully paid in cash. Any corporation may, subject to the approval of the State Bank Commissioner, increase or reduce its capital stock in the manner hereinafter provided. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1535. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1535. Stockholders' liability.

§ 1535. Stockholders' liability. The private property of the stockholders shall not be subject to the payment of the corporate debts unless expressly otherwise provided in the articles of association. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1536. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1536. Dividends.

§ 1536. Dividends. The directors of a credit card institution may declare dividends on common or preferred stock of so much of the net profits of the corporation as they shall judge expedient; but the corporation shall, before the declaration of a dividend from the net profits, carry 50% of its net profits of the preceding period for which the dividend is paid to its surplus fund until the same shall amount to 50% of its capital stock; and thereafter shall carry 25% of its net profits of the preceding period for which the dividend is paid to its surplus fund until the same shall amount to 100% of its capital stock. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1537. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1537. Amendment of charter or certificate of incorporation.

§ 1537. Amendment of charter or certificate of incorporation. (a) Credit card institutions created by or under this Code shall hereafter amend their charters or certificates of incorporation by and under this section. (b) Any credit card institution created under this chapter may, from time to time, when and as desired, amend its charter or certificate of incorporation by addition to its corporate powers and purposes, or diminution thereof, or both (provided such additional corporate power or purpose be such as is authorized or contemplated under any of the provisions of this chapter); or by increasing or decreasing its authorized capital stock (provided that such increase or decrease be expressly approved by the State Bank Commissioner); by changing the number or par value of its shares of stock; or by changing its corporate title (provided that the words “savings” or “trust” shall not be used in the amended title); and by increasing or decreasing its number of directors (provided that in no case shall the whole number of directors be less than 5). Any or all such changes or alterations may be effected by 1 certificate of amendment. No amendment shall contain a provision which would not have been lawful and proper to insert in an original certificate of incorporation granted or issued under this chapter. (c) The procedure for amendment and the manner of making and effecting the same shall be as prescribed in Chapter 1 of Title 8 for the amendment of the certificate of incorporation of a corporation having a capital stock. No certificate of amendment shall be received or filed by the Secretary of State or be deemed or held to be effective unless and until the proposed certificate of amendment shall have been submitted to the State Bank Commissioner and shall have been approved both in substance and in form by said Commissioner. (d) Notwithstanding any of the provisions of this section, a credit card institution created under this chapter may adopt such amendments to its certificate of incorporation as are necessary to permit such credit card institution to comply with the provisions governing the conversion of a credit card institution charter pursuant to § 793 of this title. 70 Del. Laws, c. 112, §  77;  71 Del. Laws, c. 19, §  61;
5 DE Code § 1538. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1538. Merger and consolidation — Authorized; procedure.

§ 1538. Merger and consolidation — Authorized; procedure. Subject to § 1539 of this title, no corporation created under this chapter may merge or consolidate with any other corporation or entity except that any 2 or more corporations created under this chapter may merge or consolidate into a single corporation which shall be any 1 of the merging or consolidating credit card institutions. The procedure for the merger or consolidation of such corporations and the legal effect of any such merger or consolidation and the manner of making and effecting the same shall be as prescribed in Chapter 1 of Title 8 for the merger or consolidation of 2 or more corporations organized under that chapter. No agreement of merger or consolidation of corporations created under this chapter shall be received or filed by the Secretary of State or be deemed or held to be effective unless and until the proposed agreement of merger or consolidation shall have been submitted to the State Bank Commissioner and shall have been approved both in substance and in form by the State Bank Commissioner. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1539. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter III. Conduct of Internal Corporate Affairs|§ 1539. Same — Acquisition of assets and assumption of liabilities; Commissioner's approval; title to property.

§ 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 consolidate with any other such corporation and no one shall take over any substantial portion of the assets of and/or assume a substantial portion of the liabilities, in whole or in part, of any such corporation (whether such corporation is then doing business or has ceased to do business or has surrendered its charter or has dissolved) unless and until such action shall be approved by the State Bank Commissioner. (b) The Commissioner may require that the Commissioner be furnished with such information as to the assets and liabilities and as to the condition of the credit card institutions concerned as the Commissioner deems necessary or proper to determine whether to give or withhold the Commissioner's approval. (c) The State Bank Commissioner shall refuse approval whenever in the Commissioner's opinion the transaction will weaken any credit card institution concerned. (d) No title to any property shall pass where the transaction is in violation of this section. 70 Del. Laws, c. 112, §  77;
5 DE Code § 1541. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter IV. Powers, Conditions and Prohibitions|§ 1541. Powers and limitations.

§ 1541. Powers and limitations. (a) Any corporation formed under this chapter may engage only in the business of credit card operations and accepting deposits of money, as described in this section. In engaging in such business, such corporations may exercise only the powers described below:  (1) To sue and be sued, complain and defend in any court of law or equity; (2) To make, hold, purchase, mortgage or lease such real or personal property as is necessary for the conduct of its business; (3) To borrow money; (4) To accept savings or time deposits of money in an amount not less than $100,000, and to accept collateral for extensions of credit by holding deposits under $100,000, and by other means; provided, that such deposits shall be insured by the Federal Deposit Insurance Corporation such that the credit card institution qualifies as an insured depository institution, as defined in the Federal Deposit Insurance Act at 12 U.S.C. § 1813(c); (5) To engage in credit card operations by extending credit to any natural person or persons, the proceeds of which are used primarily for personal, family or household purposes, and to take security interests of any kind in property of any type to secure such loans or credits; provided, however, that a loan or credit card account in the name of not more than 2 natural persons shall be deemed to be primarily for personal, family or household purposes; (6) To create and, except for directors' qualifying shares, to own all of the capital stock of 1 or more subsidiary corporations that engage only in activities permitted by this chapter; provided, that no subsidiary corporation of a corporation organized under this chapter may accept deposits. (b) No credit card institution shall possess or exercise any power:  (1) To act as a fiduciary of any sort including, but not limited to, an executor, administrator, guardian, conservator, trustee by will or other instrument, receiver or attorney-in-fact; (2) To make commercial loans or extend credits to any corporation or to any natural person or persons when the proceeds of such loan or credit is to be used for business purposes of such individuals; provided, however, that a credit card account in the name of not more than 2 natural persons shall be deemed to be primarily for personal, family or household purposes; (3) To accept demand deposits or deposits that the depositor may withdraw by check or similar means for payment to third parties or others; (4) To do any business prohibited by § 767 of this title or any business not authorized by subsection (a) of this section.70 Del. Laws, c. 112, §  77;  72 Del. Laws, c. 15, §  21;
5 DE Code § 1542. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 15. Credit Card Institutions|Subchapter IV. Powers, Conditions and Prohibitions|§ 1542. Office in State.

§ 1542. Office in State. Every credit card institution shall have a single office in this State that accepts deposits. At such office, the corporation shall maintain such records and books of accounts as the State Bank Commissioner may by regulation require and shall employ such persons as it may require to review and act upon applications for extensions of credit permitted by § 1541 of this title. 70 Del. Laws, c. 112, §  77;