reglab/housing_qa huggingface dataset:
5 DE Code § 775. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter V. Limited Purpose Trust Companies|§ 775. Powers; restrictions.

§ 775. Powers; restrictions. (a) With respect to a limited purpose trust company, the powers conferred by subchapter IV of this chapter or otherwise by law shall be limited solely to such powers as are necessary or incidental to the performance of trust company powers. (b) No limited purpose trust company established under this subchapter may:  (1) Amend its articles of association, charter, certificate of incorporation or bylaws by addition to its corporate purpose or powers; (2) Merge or consolidate, except with:  a. An affiliate or affiliates; or b. A corporation or corporations established under this subchapter; (3) Have more than a single office within this State open to the public for the conduct of its business; or (4) Exercise any power of appointment in a manner inconsistent with § 3548 of Title 12.63 Del. Laws, c. 261, §  3;  73 Del. Laws, c. 37, §  2;
5 DE Code § 776. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter V. Limited Purpose Trust Companies|§ 776. Organization; number of incorporators.

§ 776. Organization; number of incorporators. (a) Except as otherwise required by this subchapter, the organization of a limited purpose trust company shall be governed by subchapter II of this chapter, provided that:  (1) The articles of association of a limited purpose trust company shall specifically state that the formation of a limited purpose trust company is the purpose for which the subscribers thereto associate themselves; (2) Any application for a certificate of public convenience and advantage made with respect to a limited purpose trust company shall plainly state on its face that the application is for such a certificate with respect to a limited purpose trust company and not for a certificate with respect to a bank or trust company; and (3) Any certificate of public convenience and advantage issued by the Commissioner on such application shall similarly state on its face that such certificate approves the formation of a limited purpose trust company pursuant to this subchapter. (b) The number of persons who associate themselves for the purpose of forming a limited purpose trust company shall be no less than 3, except to the extent otherwise provided in § 722 of this title for a trust company that is formed as a limited liability company. 63 Del. Laws, c. 261, §  3;  76 Del. Laws, c. 383, §  14;
5 DE Code § 778. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter V. Limited Purpose Trust Companies|§ 778. Violations.

§ 778. Violations. If any limited purpose trust company is found by the Commissioner to have violated any condition of § 777(c) of this title or to have exercised powers beyond those conferred by § 775 of this title, the Commissioner shall issue an order pursuant to § 136 of this title to cease and desist such violation by a date certain. Upon a finding that the limited purpose trust company has not complied with such order, the Commissioner shall take such steps as set forth in § 131 of this title as regards violations of this Code. 63 Del. Laws, c. 261, §  3;
5 DE Code § 779. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter V. Limited Purpose Trust Companies|§ 779. Applicability of other provisions of law.

§ 779. Applicability of other provisions of law. To the extent not inconsistent with the object, purpose, and provisions of this subchapter, a limited purpose trust company shall be subject to any section of this Code or any other statute or law of this State applicable to trust companies. 63 Del. Laws, c. 261, §  3;  68 Del. Laws, c. 303, §  14;
5 DE Code § 781. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 781. Definitions.

§ 781. Definitions. As used in this subchapter:  (1) “Bank” means a state or a national bank. (2) “Continuing bank” means a merging bank, the charter of which becomes the charter of the resulting bank. (3) “Converting bank” means a bank converted from a state to a national bank, or the reverse. (4) “Merger” includes consolidation. (5) “Merging bank” means a party to a merger. (6) “National bank” means a national bank association located in this State. (7) “Resulting bank” means the bank resulting from a merger or conversion. (8) “State bank” means a bank or trust company chartered under the laws of this State.5 Del. C. 1953, §  781;  49 Del. Laws, c. 126.;
5 DE Code § 782. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 782. Merger with or conversion into national bank.

§ 782. Merger with or conversion into national bank. (a) Nothing in the laws of this State shall restrict the right of a bank created under this chapter or Chapter 16 of this title or under any special act of the General Assembly to merge with or convert into a resulting national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its stockholders shall be the same as those prescribed for national banks at the time of the action by the laws of the United States and not by the laws of this State, except that a vote of the holders of two thirds of each class of voting stock of a state bank shall be required for the merger or conversion, and that on conversion by a state into a national bank the rights of dissenting stockholders shall be those specified in § 788 of this title. (b) Upon the completion of the merger or conversion, the certificate and charter of any merging or converting state bank shall automatically terminate. (c) A resulting national bank shall be considered the same business and corporate entity as each merging bank or as the converting bank with all the property, rights, powers, duties and obligations of each merging bank or the converting bank, except as affected by the federal law and by the charter and bylaws of the resulting bank. 5 Del. C. 1953, §  782;  49 Del. Laws, c. 126;  64 Del. Laws, c. 42, §  5;  71 Del. Laws, c. 25, §  14;
5 DE Code § 783. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 783. Merger with or conversion into state bank.

§ 783. Merger with or conversion into state bank. Upon written approval by the State Bank Commissioner banks may be merged to result in a state bank, or a national bank may convert into a state bank as hereafter prescribed, except that the action by a national bank shall be taken in the manner prescribed by and shall be subject to limitations and requirements imposed by the laws of the United States which shall also govern the rights of its dissenting stockholders. 5 Del. C. 1953, §  783;  49 Del. Laws, c. 126;  57 Del. Laws, c. 740, §  19C;
5 DE Code § 785. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 785. Merger procedure for resulting state bank.

§ 785. Merger procedure for resulting state bank. Following the approval of the merger agreement both in substance and in form by the State Bank Commissioner, the procedure for a merger which is to result in a state bank and the legal effect of any such merger (except as regards the rights of dissenting stockholders to payment for their shares) 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 the provisions of that chapter. 5 Del. C. 1953, §  785;  49 Del. Laws, c. 126;  57 Del. Laws, c. 740, §  19E;
5 DE Code § 786. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 786. Conversion of national banks and federal savings associations into state banks.

§ 786. Conversion of national banks and federal savings associations into state banks. (a) Except as provided in § 789 of this title, a national bank or federal savings association (as defined in the Home Owners' Loan Act, as amended, at 12 U.S.C. § 1462) located in this State which follows the procedure prescribed by the laws of the United States to convert into a state bank may be granted a state charter with the approval of the State Bank Commissioner; provided, however, that the conversion shall be deemed approved if no action is taken by the State Bank Commissioner within 30 days after receipt of the completed application in accordance with subsection (b) of this section. Notwithstanding any other provision of this title, a state bank resulting from the conversion of a national bank or federal savings association may retain and exercise all the powers and rights of the converting national bank or federal savings association, in addition to all the powers and rights available to a state bank under this title. (b) The national bank or federal savings association may apply for such charter by filing with the State Bank Commissioner:  (1) A certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the laws of the United States governing the conversion of a national bank or federal savings association to a state bank; and (2) The plan of conversion and the proposed articles of incorporation, approved by the stockholders or members, for the operation of the bank as a state bank.5 Del. C. 1953, §  786;  49 Del. Laws, c. 126;  57 Del. Laws, c. 740, §§  19F, 19G;  71 Del. Laws, c. 19, §§  28-30;  71 Del. Laws, c. 25, §  16;
5 DE Code § 787. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 787. Use of old name.

§ 787. Use of old name. A resulting bank shall have the right to use the name of any merging bank or of the converting bank whenever it deems it more convenient to do so. 5 Del. C. 1953, §  787;  49 Del. Laws, c. 126.;
5 DE Code § 788. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 788. Dissenting stockholders.

§ 788. Dissenting stockholders. (a) The owner of shares of a state bank (other than the continuing bank), which were voted against a merger to result in a state bank, or against the conversion of a state bank into a national bank, shall be entitled to receive their value in cash, if and when the merger or conversion becomes effective, upon written demand, made to the resulting state or national bank at any time within 30 days after the effective date of the merger or conversion accompanied by the surrender of the stock certificates. The value of such shares shall be determined, as of the date of the stockholders' meeting approving the merger or conversion, by 3 appraisers, 1 to be selected by the owners of two thirds of the shares involved, 1 by the board of directors of the resulting state or national bank, and the third by the 2 so chosen. The valuation agreed upon by any 2 appraisers shall govern. If the appraisal is not completed within 90 days after the merger or conversion becomes effective the State Bank Commissioner shall cause an appraisal to be made. (b) The expenses of appraisal shall be paid by the resulting state bank. (c) The resulting state or national bank may fix an amount which it considers to be not more than the value of the shares of a merging or the converting bank at the time of the stockholders' meeting approving the merger or conversion, which it will pay dissenting shareholders of that bank entitled to payment in cash. The amount due under such accepted offer or under the appraisal shall constitute a debt of the resulting state or national bank. 5 Del. C. 1953, §  788;  49 Del. Laws, c. 126.;
5 DE Code § 789. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 789. Abandonment of trust powers and provision for successor fiduciaries.

§ 789. Abandonment of trust powers and provision for successor fiduciaries. Where a resulting state bank is not to exercise trust powers, the State Bank Commissioner shall not approve a merger or conversion until satisfied that adequate provision has been made for successors to fiduciary positions held by the merging banks or the converting bank. 5 Del. C. 1953, §  789;  49 Del. Laws, c. 126;  57 Del. Laws, c. 740, §  19H;
5 DE Code § 790. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 790. Nonconforming assets or business.

§ 790. Nonconforming assets or business. If a merging or converting bank has assets which do not conform to the requirements of state laws for the resulting state bank or carries on business activities which are not permitted for the resulting state bank, the State Bank Commissioner may permit a reasonable time to conform with state law. 5 Del. C. 1953, §  790;  49 Del. Laws, c. 126;  57 Del. Laws, c. 740, §  19F;
5 DE Code § 791. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 791. Book value of assets.

§ 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 examiner before the effective date of the merger or conversion. 5 Del. C. 1953, §  791;  49 Del. Laws, c. 126.;
5 DE Code § 792. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 792. Investigation fee.

§ 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, §  17;
5 DE Code § 793. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 793. Conversion of credit card institution on or after September 29, 1997.

§ 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 sworn to by the directors of the credit card institution, may become a bank which shall be deemed as having been formed under and which shall be governed by the provisions of Chapter 7 of this title. (b) Upon a determination that the applicant(s) have satisfied the requirements of subsection (a) of this section, the Commissioner shall issue a certificate certifying such compliance and ordering and approving the conversion of the credit card institution, which certificate shall be duly filed with the Secretary of State. A certified copy of such filing shall constitute the certificate authorizing commencement of business pursuant to § 733 of this title. From and after such filing, the credit card institution shall become a bank governed by the provisions of Chapters 7 and 8 of this title and any other law of this State regulating banks generally and shall not be subject to any provision of Chapter 15 of this title or any regulation promulgated thereunder. (c) The resulting bank shall pay to the Commissioner an investigation fee of $1,150 which shall not be refundable and which shall be submitted with the application. 70 Del. Laws, c. 112, §  14;  71 Del. Laws, c. 19, §  32;  71 Del. Laws, c. 25, §  18;
5 DE Code § 794. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VI. Merger, Consolidation or Conversion of National, State Bank or Trust Company|§ 794. Conversion of a building and loan association.

§ 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 which shall be governed by the provisions of Chapter 7 of this title. The application for conversion filed with the Commissioner shall be in such form as the Commissioner shall from time to time prescribe, submitted and sworn to by the directors of the building and loan association. A 45-day comment period shall commence upon the date of the first notice required under subsection (b) of this section. (b) The Commissioner shall, at least once during each of the first 2 weeks following the filing of an application under this section, cause to be filed in a newspaper having statewide circulation, at the expense of the applicants, a notice of the filing of such application, which notice shall invite public inspection and comment hereon prior to the expiration of the 45-day period. (c) If, based upon the application and any other information filed with the Commissioner in support of or objection to such application, the Commissioner shall have cause to believe that a certificate of public convenience and advantage would not be issued to the applicants, the Commissioner shall, not later than 45 days after the close of the comment period, advise applicants of such objection, together with support therefor. At the request of the applicants, the Commissioner shall forthwith proceed to give notice and conduct a hearing in accordance with the Administrative Procedures Act, Chapter 101 of Title 29. (d) Upon a determination that the applicants have met the requirements of this section, the Commissioner shall issue a certificate certifying such compliance and ordering and approving a conversion of the building and loan association, which certificate shall be duly filed with the Secretary of State. From and after such filing, the resulting bank shall be governed by the provisions of Chapter 7 of this title and any other law of this State regulating banks generally. (e) If an application is made for conversion of a building and loan pursuant to this section in connection with an application for acquisition of an existing bank pursuant to subchapter IV of Chapter 8 of this title, the Commissioner may consider and approve or reject both applications concurrently. (f) The resulting bank shall pay to the Office of the State Bank Commissioner a fee of $5,000 for the use of the State if there is an approval of the conversion. In addition, the resulting bank shall pay an investigation fee of $1,000 which shall not be refundable and which shall be submitted with the application for conversion. 69 Del. Laws, c. 165, §  17;
5 DE Code § 795A. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VII. Merger or Consolidation With Out-of-State Banks|§ 795A. Purpose.

§ 795A. Purpose. It is the express intent of this subchapter to 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 forth in this subchapter. 70 Del. Laws, c. 112, §  15;
5 DE Code § 795B. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VII. Merger or Consolidation With Out-of-State Banks|§ 795B. Authority for interstate branch offices.

§ 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 that is an out-of-state state bank may open additional branch offices in this State in such manner as the Commissioner shall prescribe by regulation. (c) Nothing in this subchapter shall be deemed to permit interstate branching either through the original establishment of a branch office in this State by an out-of-state bank or through acquisition of a branch office in this State by an out-of-state bank, without merger with a Delaware bank as provided in this subchapter. 70 Del. Laws, c. 112, §  15;
5 DE Code § 795C. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 7. Corporation Law for State Banks and Trust Companies|Subchapter VII. Merger or Consolidation With Out-of-State Banks|§ 795C. Merger with resulting Delaware national 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 of its stockholders shall be the same as those prescribed for national banks at the time of the action by the laws of the United States and not by the laws of this State, except that a vote of the holders of two thirds of each class of voting stock of a Delaware state bank shall be required for the merger, and that upon the merger of a Delaware state bank into a resulting Delaware national bank the rights of dissenting stockholders of the merging Delaware state bank shall be the same as those specified in § 788 of this title. (b) Upon the completion of the merger of a Delaware bank that is a Delaware state bank with or into out-of-state banks to form a resulting Delaware national bank, the certificate and charter of any such merging Delaware state bank shall automatically terminate. (c) A resulting Delaware national bank shall be considered the same business and corporate entity as each merging bank with all the property, rights, powers, duties and obligations of each merging bank, except as affected by the federal law and by the charter and bylaws of the resulting bank. 70 Del. Laws, c. 112, §  15;