reglab/housing_qa huggingface dataset:
5 DE Code § 1645. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 16. Corporation Law for State Savings Banks|Subchapter III. Conduct of Internal Corporate Affairs|§ 1645. Capital stock; minimum required.

§ 1645. Capital stock; minimum required. The capital stock of a savings bank organized under this chapter shall be as follows: not less than $500,000 if the savings bank is located in a city or town having a population of more than 50,000 persons; not less than $350,000 if the savings bank is located in a city or town of not more than 50,000 nor less than 5,000 persons; and not less than $250,000 if the savings bank is located in a town of not more than 5,000 persons; or such greater amount as the Commissioner may require after review of the charter, business plan and proposed activities of the savings bank. In addition to the capital stock required by the foregoing, every corporation organized under this chapter shall have a paid-in surplus account equal to no less than one-half of the minimum capital stock required by this section. The minimum capital stock and paid-in surplus required to be maintained by such corporation in its savings bank business pursuant to this section may not be utilized to satisfy the capital or reserve requirements to which the corporation may be subject with respect to any activity authorized by § 1661(a)(14) of this title. 71 Del. Laws, c. 25, §  35;
5 DE Code § 1646. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 16. Corporation Law for State Savings Banks|Subchapter III. Conduct of Internal Corporate Affairs|§ 1646. Par value of stock; payment for and issuance; increase and reduction.

§ 1646. Par value of stock; payment for and issuance; increase and reduction. 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 in cash. No stock shall be issued by any corporation until the par value thereof shall be fully paid in 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. In the case of a reduction, the capital stock shall not be reduced to less than the amount required by § 1645 of this title. 71 Del. Laws, c. 25, §  35;
5 DE Code § 1647. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 16. Corporation Law for State Savings Banks|Subchapter III. Conduct of Internal Corporate Affairs|§ 1647. Stockholders' liability.

§ 1647. Stockholders' liability. The private property of the stockholders shall not be subject to the payment of the corporate debts except as otherwise provided in the articles of association. 71 Del. Laws, c. 25, §  35;
5 DE Code § 1648. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 16. Corporation Law for State Savings Banks|Subchapter III. Conduct of Internal Corporate Affairs|§ 1648. Dividends.

§ 1648. Dividends. The directors of a savings bank 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 on common stock 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. 71 Del. Laws, c. 25, §  35;
5 DE Code § 1649. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 16. Corporation Law for State Savings Banks|Subchapter III. Conduct of Internal Corporate Affairs|§ 1649. Meetings of members of nonstock corporations; voting rights; time, place, adjournment and quorum.

§ 1649. Meetings of members of nonstock corporations; voting rights; time, place, adjournment and quorum. (a) Unless otherwise provided in the certificate of incorporation of a nonstock corporation, each member shall be entitled at every meeting of members to 1 vote in person or by proxy. (b) Meetings of members of nonstock corporations (except the meeting of incorporators referred to in § 1626 of this title) shall be held in this State. The bylaws shall fix the time of the annual meeting and may provide for special or called meetings of members. (c) Any meeting of the members 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. (d) The bylaws may prescribe what number or participation of members shall be represented at any meeting to constitute a quorum, but in the absence of such a provision, any number or participation of members represented at a meeting shall be sufficient for the transaction of business thereat. 71 Del. Laws, c. 25, §  35;
5 DE Code § 1650. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 16. Corporation Law for State Savings Banks|Subchapter III. Conduct of Internal Corporate Affairs|§ 1650. Amendment of charter.

§ 1650. Amendment of charter. (a) Savings banks organized under this chapter shall amend their certificates of incorporation by and under this section. (b) Any savings bank may, from time to time, when and as desired, amend its certificate of incorporation relating to the regulation and governance of corporations established under Title 8, where the same are not inconsistent with the express provisions of this chapter, including, but not limited to, addition to its corporate powers and purposes or diminution thereof, or both (provided such additional corporate power or purpose to be such as is authorized or contemplated under any of the provisions of this chapter); or, if organized as a stock corporation, by increasing or decreasing its authorized capital stock (provided that such increase or decrease be expressly approved by the State Bank Commissioner, and provided also that the capital stock shall not be reduced below the amount prescribed by § 1645 of this title as capital stock for a corporation organized under this chapter); by changing the number or par value of its shares of stock; or by changing its corporate 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. In the case of an increase of capital stock, the amendment may provide that the increased stock may, in whole or in part, be disposed of without being offered to the stockholders, but in no case shall any stock be issued except upon payment in full in cash. (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. 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 the Commissioner. 71 Del. Laws, c. 25, §  35;
5 DE Code § 1663. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 16. Corporation Law for State Savings Banks|Subchapter IV. Powers and Prohibitions|§ 1663. Loans on security of and purchase of its own capital stock.

§ 1663. Loans on security of and purchase of its own capital stock. No corporation established under this chapter shall directly or indirectly make a loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. The stock so purchased or acquired shall, within 6 months after its purchase or acquisition, be sold or disposed of at public or private sale. Notwithstanding the foregoing, the Commissioner may approve the purchase by such a corporation of the shares of its own capital stock, subject to such terms and conditions, if any, as the Commissioner may require. 71 Del. Laws, c. 25, §  35;  80 Del. Laws, c. 1, §  3;
5 DE Code § 1664. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 16. Corporation Law for State Savings Banks|Subchapter IV. Powers and Prohibitions|§ 1664. Conversion of a nonstock savings bank to a stock savings bank.

§ 1664. Conversion of a nonstock savings bank to a stock savings bank. Subject to the approval of the Commissioner, a savings bank may convert from a nonstock to a stock form of organization in accordance with such regulations, orders or procedures as may be established or issued by the Commissioner. Such orders and procedures shall be similar in scope and content to, and comply in all material respects with, the mutual-to-stock conversion regulations of the federal insurer of deposits, as currently in effect at the time the nonstock savings bank applies to the Commissioner for approval of the proposed conversion; provided, that conformity with the regulatory requirements imposed by the federal insurer of deposit accounts will not be sufficient for state regulatory purposes if the Commissioner determines that the proposed conversion would pose a risk to the savings bank's safety and soundness, violate any law or regulation, or present a breach of fiduciary duty. 71 Del. Laws, c. 25, §  35;
5 DE Code § 1665. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 16. Corporation Law for State Savings Banks|Subchapter IV. Powers and Prohibitions|§ 1665. Reorganization as a mutual holding company.

§ 1665. Reorganization as a mutual holding company. Subject to the approval of the State Bank Commissioner, a nonstock savings bank may reorganize so as to become a mutual holding company and, in connection with such reorganization, form a stock savings bank subsidiary of the holding company in accordance with such regulations, orders or procedures as may be established or issued by the Commissioner. Any regulations, orders and procedures established or issued by the Commissioner pursuant to this section shall be similar in scope and content to, and comply in all material respects with, the mutual holding company regulations for savings associations of the Office of Thrift Supervision (or any successor federal banking agency) as currently in effect at the time the nonstock savings bank applies to the Commissioner for approval of the proposed holding company reorganization; provided, that the Commissioner may exempt the savings bank from any regulatory requirement imposed by such Office of Thrift Supervision regulations, including, but not limited to, any requirement that the mutual holding company formation be approved by the nonstock savings bank's depositors; and provided further, that conformity with the regulatory requirements imposed by the Office of Thrift Supervision will not be sufficient for state regulatory purposes if the Commissioner determines that the proposed formation of the mutual holding company would pose a risk to the savings bank's safety and soundness, violate any law or regulation or present a breach of fiduciary duty. Any issuance of stock in the newly-formed savings bank subsidiary of said mutual holding company to any person or entity other than the mutual holding company shall be conducted in accordance with the requirements and procedures for a mutual-to-stock conversion of a savings bank as prescribed by § 1664 of this title. 71 Del. Laws, c. 25, §  35;
5 DE Code § 1701. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 17. Regulation|Subchapter I. General Provisions|§ 1701. Definitions.

§ 1701. Definitions. For the purpose of this Code and any other laws of this State relating to building and loan associations, unless otherwise specifically defined, or another intention clearly appears, or the context requires a different meaning:  (1) “Association” means a building and loan association. (2) “Borrower” means one who borrows from a building and loan association and may include a stockholder of such association or a nonstockholder. (3) “Building and loan association” means any corporation, person, firm, partnership, association, trustee or combination of persons whatsoever, within the purview of this chapter and includes savings and loan associations. (4) “Fines” means a penalty imposed for the nonpayment of dues and interest when due. (5) “Full paid plan” refers to the provisions in the charter, constitution, bylaws, declaration of trust, contract, agreement, or other device authorizing the issuance of full paid stock in either installments or otherwise, or any other evidence of money paid to or deposited with a building and loan association, and which may or may not have a definite maturity, but may be withdrawn upon required notice served by the member, and upon which the association may declare periodical dividends. (6) “Guaranteed loan” means a loan that is guaranteed under the Servicemen's Readjustment Act of 1944. (7) “Insured loan” means a loan that is insured, or as to which the mortgagee is insured, or as to which a commitment for any insurance has been made under either the National Housing Act [12 U.S.C. § 1701 et seq.], or the former Servicemen's Readjustment Act of 1944, as those acts are now, or may hereafter be, amended. (8) “Membership fee” means a fee to be paid by the stockholder upon subscribing for shares of stock. (9) “Premiums” means a sum paid by the borrower over and above the legal rate of interest charges for any loan. (10) “Serial plan” refers to the provisions in the charter, constitution, bylaws, declaration of trust, contract, agreement or other device authorizing the issuance of serial stock in either quarterly, semiannual or annual series and which requires members or customers to pay regular installments to a common fund or series, from which fund or series loans are made to members, customers, or to others, and which contemplates maturity of the series by adding together the amount paid in by members and profits earned.32 Del. Laws, c. 107, §  3;  33 Del. Laws, c. 112, §  1;  Code 1935, §  2338;  43 Del. Laws, c. 136, §  1;  5 Del. C. 1953, §  1701;  50 Del. Laws, c. 218, §  1;  56 Del. Laws, c. 328, §§  1, 2;
5 DE Code § 1702. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 17. Regulation|Subchapter I. General Provisions|§ 1702. Application of chapter; exception.

§ 1702. Application of chapter; exception. (a) This chapter shall apply to and be enforceable against all corporations, persons, firms, partnerships, associations, trustees or combinations of persons, which or who transact, or attempt to transact, a building and loan business, or a business of like kind or character, or where, by its or their charter, constitution, bylaws, or by a declaration of trust, or other device, or by a contract or agreement the members or customers are required to pay regular installments to a common fund or series, from which fund or series loans are made to members, customers, or others for the purpose of building homes or buildings, purchasing building sites, paying off liens or debts against real estate, or for other purposes, within the boundaries of this State. (b) This chapter shall be applicable to all persons, associations, copartnerships or corporations who shall, by violating this chapter, become subject to the penalties provided herein. (c) This chapter shall not apply or have any relation to building and loan associations incorporated under the general corporation laws of this State which do not transact, or attempt to transact, business within the boundaries of this State. (d) Nothing in this chapter shall be construed to affect the legality of investments made prior to April 7, 1921, or be deemed to impair the rights, privileges and powers contained in the charter or certificate of incorporation of any corporation organized prior to April 7, 1921; and vested rights acquired under statutes in effect prior to April 7, 1921 and actually existing and enjoyed on that date shall not be divested or disturbed. 32 Del. Laws, c. 107, §§  1, 2, 23;  Code 1935, §§  2336, 2337, 2358;  5 Del. C. 1953, §  1702;
5 DE Code § 1703. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 17. Regulation|Subchapter I. General Provisions|§ 1703. Supervision and examination of association by Commissioner.

§ 1703. Supervision and examination of association by Commissioner. (a) Every building and loan association having an office or place of business in this State and transacting business in this State shall be subject to the supervision and examination of the State Bank Commissioner, and shall be examined by the Commissioner as frequently as deemed necessary or expedient. On the occasion of every examination under this section, the Commissioner shall in company with 1 or more of the officers of the association visited be given access to every part of the office or place of business visited and to the assets, securities, books and papers of the association. (b) Any examination under this chapter may be made by the Commissioner in person or by the Commissioner's deputy, or the Commissioner's clerk, or by special persons designated by the Commissioner, when so authorized by the Commissioner and acting under the Commissioner's orders. Before proceeding with the examination of any association, the person conducting the examination shall, if required, exhibit to the officers of the association satisfactory evidence of his authority to make the examination. (c) The examination required by this section shall be a thorough examination into the affairs of the association visited, its resources and liabilities, the investment of its funds, the mode of conducting its business, the safety and prudence of its management, the acts of its officers, directors or trustees, and its compliance or noncompliance with its charter and bylaws and of this Code and any other statutes of the State. (d) In connection with any examination under this section, the Commissioner may examine, under oath or affirmation, the officers, directors or trustees, and the employees, of the association, relative to its affairs, and, for this purpose, he may administer oaths or affirmations. (e) Notwithstanding any other provision of this title, a building and loan association with less than $2,000,000 in assets shall be charged no more than the cost of 5 examiner work days for an examination under this section. For the purposes of this section, an examiner work day is the calculated daily rate of pay for an examiner. 32 Del. Laws, c. 107, §  22;  Code 1935, §  2357;  46 Del. Laws, c. 252, §  1;  5 Del. C. 1953, §  1703;  68 Del. Laws, c. 105, §  3;  70 Del. Laws, c. 186, §  1;  72 Del. Laws, c. 15, §  24;
5 DE Code § 1704. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 17. Regulation|Subchapter I. General Provisions|§ 1704. Exemption from examination by Commissioner.

§ 1704. Exemption from examination by Commissioner. A building and loan association which shall be examined by a certified public accountant may be exempted from examination by the Commissioner, and an examination by a certified public accountant may be accepted by the Commissioner as a sufficient compliance with the requirements of this chapter with respect to examinations. In any such case, a certified report of the examination made by the certified public accountant, shall be filed in the office of the Commissioner. 32 Del. Laws, c. 107, §  22;  Code 1935, §  2357;  5 Del. C. 1953, §  1704;
5 DE Code § 1705. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 17. Regulation|Subchapter I. General Provisions|§ 1705. Annual report to Commissioner.

§ 1705. Annual report to Commissioner. (a) Every building and loan association existing under this Code or any other law of this State or any other state, and doing business within the boundaries of this State, shall annually, at the end of its fiscal year, furnish to the State Bank Commissioner, a detailed statement of its condition at the close of its last fiscal year, giving a full detailed statement showing the gross amount of dues, interest, premiums, fines, repayments and other funds received and collected by the association for the last fiscal year, and the amount of its earnings, and its aggregate assets and liabilities at the close of the fiscal year and any other information that the Commissioner may request. The statement shall be verified by the oath or affirmation of the president and secretary, duly administered by some person authorized by the laws of the State to administer oaths. The Commissioner may, 1 time within every fiscal year of any building and loan association existing under the laws of this State or any other state, and doing business within the boundaries of this State, require any such association to issue, as a part of the annual statement of the association, a list by book number, of all accounts in arrears or in advance, or in the case of associations of the kind commonly designated and described as being organized under the permanent or Dayton plan, may require the confirmation of the accounts of all members. The confirmation shall set forth the credit balance of each of the members as the same is shown upon the books of the building and loan association upon a day selected by the Commissioner. The expense of issuing the list shall be paid entirely by each individual association. (b) Every building and loan association doing business in this State, created by the laws or regulations of any other state or federal agency, shall furnish a statement which sets forth the amount of assets held by the association in this State, and the amount of liabilities due shareholders residing in this State and submit a copy of its annual report at the end of each fiscal year. 32 Del. Laws, c. 107, §§  11, 12;  37 Del. Laws, c. 133, §  3;  Code 1935, §§  2346, 2347;  5 Del. C. 1953, §  1705;  68 Del. Laws, c. 105, §  4;
5 DE Code § 1706. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 17. Regulation|Subchapter I. General Provisions|§ 1706. Publication of statement of assets and liabilities.

§ 1706. Publication of statement of assets and liabilities. The State Bank Commissioner may require annually at the end of its fiscal year, the publication of a report by a building and loan association in 1 issue of a newspaper located within the county in which it has its office, showing in detail the assets and liabilities at the close of its fiscal year; and the expense of such publication shall be paid by the association. 32 Del. Laws, c. 107, §  14;  Code 1935, §  2349;  5 Del. C. 1953, §  1706;
5 DE Code § 1708. (2021)
2021 Delaware Code|Title 5 - Banking|Chapter 17. Regulation|Subchapter I. General Provisions|§ 1708. Exemption from operation of attachment laws.

§ 1708. Exemption from operation of attachment laws. No building and loan association authorized to do business under this Code or any other law of this State shall be subject to the operations of the attachment laws of this State, as provided in the case of individuals. 32 Del. Laws, c. 107, §  3;  33 Del. Laws, c. 112, §  1;  Code 1935, §  2338;  43 Del. Laws, c. 136, §  1;  5 Del. C. 1953, §  1708;