reglab/statecodes huggingface dataset:
2023 Delaware Code › Title 5 - Banking › Chapter 18. TAXATION › § 1802. Report of net earnings and payment of tax; penalties.

§ 1802. Report of net earnings and payment of tax; penalties.
(a) Within 75 days after the end of its fiscal year the building and loan association, acting through its president, treasurer, or other proper officer, shall report under oath to the State Bank Commissioner, the net earnings of the building and loan association for that next previous taxable period, and at the same time the building and loan association shall pay to the State Bank Commissioner the proper amount of tax for that period as computed under this chapter. Any and all documents relating to the taxation of a building and loan association pursuant to this chapter shall be true statements, verified by oath, by the president, treasurer or other proper officer of the building and loan association.
(b) In the case of a building and loan association which has been engaged in a building and loan business of any kind in this State for less than the whole year, the amount of tax due, at the rates provided in this chapter, shall be prorated for that portion of the year during which the building and loan association was engaged in a building and loan business of any kind within this State. Within 30 days of the cessation of all building and loan business of any kind within this State, the president, treasurer or other proper officer shall file a true statement, verified by oath, setting forth the net income of such building and loan association as defined in this chapter, and such other true statement, in such form as shall be specified by the Commissioner, verified by oath, setting forth the “taxable income” of such building and loan association as defined in this chapter.
(c) If any building and loan association shall fail to pay any tax due under this chapter on or before the due date, a penalty of 11/2 percent shall be assessed for each month or fraction thereof that the same remain unpaid after such date.
59 Del. Laws, c. 434, §  2;  63 Del. Laws, c. 66, §  1;  68 Del. Laws, c. 303, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 18. TAXATION › § 1803. Tax lien.

§ 1803. Tax lien.
If any building and loan association shall fail to pay any tax due under this chapter, on or before the due date, the full amount of all such tax due the State shall be a lien in favor of the State upon all property and all rights to property, real or personal, belonging to such building and loan association.
59 Del. Laws, c. 434, §  2;  68 Del. Laws, c. 303, §  36;
2023 Delaware Code › Title 5 - Banking › Chapter 18. TAXATION › § 1804. State corporation income tax; exemption.

§ 1804. State corporation income tax; exemption.
All building and loan associations being taxed in accordance with this chapter shall be exempt from the state corporation income tax beginning with the fiscal year for each such building and loan association in which this chapter shall become effective.
59 Del. Laws, c. 434, §  2;
2023 Delaware Code › Title 5 - Banking › Chapter 18. TAXATION › § 1806. Exemption from other taxes.

§ 1806. Exemption from other taxes.
The taxation of the income of the building and loan associations under this chapter shall be in lieu of all taxes upon the capital, surplus, property and assets of such organization, except that no real estate owned by any such organization constituting the whole or any part of its capital, surplus or assets shall be exempt from taxation.
59 Del. Laws, c. 434, §  2;
2023 Delaware Code › Title 5 - Banking › Chapter 18. TAXATION › § 1807. Secrecy of returns and information; penalty.

§ 1807. 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 officer or employee of this State who has access to tax returns or information from tax returns under this chapter, to disclose or make known to any person in any manner the amount of income or any particulars set forth or disclosed in any report or return required under this chapter. Notwithstanding the foregoing, the Commissioner may permit the Commissioner of Internal Revenue of the United States, the proper officer of this or any other state, the District of Columbia, or any possession or territory of the United States that imposes a tax, or the authorized representative of any of such officers, to inspect the tax return of any taxpayer under this chapter, and the Commissioner may furnish to any such officer, or such officer's authorized representative, an abstract of the tax return of any taxpayer under this chapter or supply such officer or such officer's authorized representative with information contained in any such tax return or disclosed by the report of examination or investigation of the income or return of such taxpayer, but only for the purpose of, and only to the extent necessary in, the administration of the tax laws of such jurisdiction; provided, however, that no such permission shall be granted, and no such information shall be furnished, to any such officer or the officer's representative unless the statutes of such jurisdiction grant substantially similar privileges to the Commissioner or the Commissioner's legal representative.
(b) Nothing in this section shall be construed to prohibit the publication of statistics classified so as to avoid identification of specific taxpayers, or to prohibit the disclosure of the tax return or return information of any taxpayer to such person or persons as the taxpayer may designate in a written request or consent to such disclosure.
(c) For purposes of this section, the term “officer or employee” shall include present and former officers and employees, and any person or persons employed or retained by the State on an independent contractor basis.
(d) Any violation of this section shall be a misdemeanor, punishable upon conviction by a fine not to exceed $1,000, or imprisonment not to exceed 6 months, or both. The Superior Court shall have exclusive original jurisdiction over such misdemeanor.
72 Del. Laws, c. 15, §  27;  73 Del. Laws, c. 24, §  3;
2023 Delaware Code › Title 5 - Banking › Chapter 18. TAXATION › § 1808. Abatements.

§ 1808. 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 of the period of limitations properly applicable thereto; or
(3) Erroneously or illegally assessed.
(b) The Commissioner is authorized to abate any portion (whether or not theretofore paid) of the assessment of any tax, interest, penalty, additional amount or additions to the tax, or any liability in respect thereof, if the Commissioner determines under uniform rules prescribed by the Commissioner that the administration and collection costs involved would not warrant collection of the amount due.
72 Del. Laws, c. 15, §  27;
2023 Delaware Code › Title 5 - Banking › Chapter 18. TAXATION › § 1809. Closing agreements.

§ 1809. 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 tax imposed under this chapter for any taxable period. Such agreement shall be final and conclusive, and, except upon a showing of fraud or malfeasance or misrepresentation of a material fact:
(1) The case shall not be reopened as to matters agreed upon or the agreement modified by any officer, employee or agent of this State; and
(2) In any suit, action or proceeding, such agreement, or any determination, assessment, collection, payment, abatement, refund or credit made in accordance therewith, shall not be annulled, modified, set aside or disregarded.
72 Del. Laws, c. 15, §  27;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1901. Members of association.

§ 1901. Members of association.
All shareholders of record and all borrowers from a building and loan association shall be members thereof. A borrowing member obligated upon a real estate loan shall remain a member of the association, even though the member has transferred the real estate security subject to real estate loan so long as the borrowing member remains obligated upon the real estate loan.
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, §  1901;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1902. Special powers of domestic association.

§ 1902. Special powers of domestic association.
Building and loan associations organized under Title 8 may, in addition to the other powers granted in such title and this chapter, make loans to and among their stockholders and also to and among nonstockholders.
Building and loan associations may also make loans secured by shares of their own capital stock.
Building and loan associations may charge and collect periodic interest in respect to such loans at such daily, weekly, monthly, annual or other periodic percentage rate or rates as the agreement governing, or the bond, note or other evidence of the loan provides, or as established in the manner provided in such agreement, bond, note or other evidence of the loan, and may calculate such periodic interest by way of simple interest or such the method as the agreement governing, or the bond, note or other evidence of the loan provides. If the interest is precomputed, it may be calculated on the assumption that all scheduled payments will be made when due. For purposes thereof, a year may but need not be a calendar year and may be such period of from 360 days to 366 days, including or disregarding leap year, as the association may determine.
Building and loan associations may engage in revolving credit and closed end credit. Such activities shall be subject to the provisions of subchapters II and III of Chapter 9 of this title.
Building and loan associations may act as trustee of trusts created or organized in the United States under the Self-Employed Individuals Tax Retirement Act of 1962, and amendments thereto, and which qualify for specific tax treatment under § 401(d) or § 408(a) of the United States Internal Revenue Code of 1986 [26 U.S.C. § 401(d) or § 408(a)], if the funds of such trust are invested in savings accounts or deposits in such association or in obligations or securities issued by such association. Individual accounts and records shall be kept by the association for each participant and shall show in proper detail all transactions therein.
21 Del. Laws, c. 273, §  68;  22 Del. Laws, c. 166, §  7;  Code 1915, §  2015;  Code 1935, §§  2158, 2359;  5 Del. C. 1953, §  1902;  56 Del. Laws, c. 328, §  3;  61 Del. Laws, c. 381, §  1;  68 Del. Laws, c. 105, §  14;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1903. Authorized plans of operation.

§ 1903. Authorized plans of operation.
Any duly licensed or registered building and loan association doing business in this State, provided its charter permits, may issue serial shares, full paid shares, installment full paid shares, and may also make available to members savings accounts, savings certificates and any other type of share or account which any federally chartered association may issue under the rules and regulations of the Office of Thrift Supervision or any successor federal regulatory authority and under the term of its charter.
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, §  1903;  61 Del. Laws, c. 380, §  1;  68 Del. Laws, c. 105, §  15;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1904. Dividends.

§ 1904. Dividends.
Every building and loan association duly licensed or registered, provided its charter shall permit, may provide either in its bylaws or by a resolution or resolutions of its board of directors a schedule of varying rates of dividends for different classes of shares of stock, and different types of shares within any class, including any type of share or account available to federally chartered associations operating in this State.
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, §  1904;  50 Del. Laws, c. 218, §  2;  61 Del. Laws, c. 380, §  2;  68 Del. Laws, c. 105, §  16;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1905. Branch offices.

§ 1905. Branch offices.
The establishment of a branch office by a building and loan association shall be governed by § 2011 of this title. Branching of building and loan associations shall be limited to the extent permitted to banks chartered pursuant to Chapter 7 of this title.
68 Del. Laws, c. 105, §  17;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1906. Premiums, fines and fees.

§ 1906. Premiums, fines and fees.
(a) The power to collect premiums, fines and membership fees within the limits of this chapter, or as permitted by any other law of this State, is granted to building and loan associations. Fines shall not be imposed against and collected from any serial shareholder for more than 6 consecutive months at a greater rate than 5 cents per month for each dollar past due, and after the expiration of 6 months, at a greater rate than one half of 1 percent per month for each dollar past due. Any serial shareholder who is 6 months in arrears in the payment of his or her monthly dues may be required to withdraw any balance due the shareholder from the association. If any serial shareholder, who is delinquent 6 months or more in payment of monthly dues, refuses to accept settlement from the association, or if the association is unable to locate the shareholder, then the association may (1) deposit the amount due the shareholder to his or her credit in an account in any state or national bank as defined in § 101 of this title, or (2) invest in a full paid share account or an installment full paid share account or a similar account of the association in the name of the shareholder.
(b) A building and loan association may lend funds of the association either with or without charging the borrower a premium for the privilege of being granted such loan, but an association shall not charge any premium unless the borrower agrees in writing to pay such premium. Any premium charged shall not exceed 3 percent of the original amount of the loan and may be deducted by the association in advance, or paid separately by the borrower at settlement, or if the association consents, may be paid in 3 equal annual installments with the first installment payable at settlement and the other 2 installments on the first and second anniversaries of the date of settlement.
A premium paid, pursuant to this section, by a borrower from an association, shall not be deemed usurious, although when it is added to any interests paid upon such loan, it exceeds the legal or the contract rate of interest.
32 Del. Laws, c. 107, §§  4, 5;  Code 1935, §§  2339, 2340;  43 Del. Laws, c. 137, §  1;  5 Del. C. 1953, §  1906;  55 Del. Laws, c. 184;  56 Del. Laws, c. 328, §  4;  63 Del. Laws, c. 142, §  6;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1907. Withdrawal value of shares.

§ 1907. Withdrawal value of shares.
The withdrawal value paid in any 1 fiscal year to any shareholder of a building and loan association, after having paid all dues, interest, premiums, fines and membership fees due by the shareholder for a period of 1 year or more, shall be computed upon a uniform basis in respect to all such withdrawals in the fiscal year.
32 Del. Laws, c. 107, §  6;  Code 1935, §  2341;  5 Del. C. 1953, §  1907;  84 Del. Laws, c. 42, § 64;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1908. Investment of association's funds in corporate stock.

§ 1908. Investment of association's funds in corporate stock.
The funds of a building and loan association, existing under this Code or any other law of this State, shall not be invested in any corporation stocks. Nothing herein contained shall prevent a building and loan association from purchasing and acquiring stock in the Federal Home Loan Bank under the provisions of the Act of Congress known as the Federal Home Loan Bank Act [12 U.S.C. § 1421 et seq.], or prevent a building and loan association from acquiring any corporation stock to secure itself against loss of money owing to it by any borrower. The stock so acquired under the last preceding clause shall be sold within 60 days after the State Bank Commissioner shall direct.
32 Del. Laws, c. 107, §  7;  39 Del. Laws, c. 19, §  1;  Code 1935, §  2342;  5 Del. C. 1953, §  1908;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1909. Membership in Federal Home Loan Bank.

§ 1909. Membership in Federal Home Loan Bank.
Any building and loan association incorporated under this Code or any other law of this State may become a member of the Federal Home Loan Bank, organized or to be organized in the district in which such building and loan association is located, under the Act of Congress known as the Federal Home Loan Bank Act [12 U.S.C. § 1421 et seq.], and the building and loan association may subscribe for, purchase, hold and surrender, from time to time, such amounts of the capital stock of the Federal Home Loan Bank as the building and loan association deems advisable, or as may be required under the Federal Home Loan Bank Act, or any amendment thereof, in order to obtain and continue such membership, and upon the purchase of the stock to assume the liabilities and become entitled to the benefits recited in the Federal Home Loan Bank Act.
32 Del. Laws, c. 107, §  7;  39 Del. Laws, c. 19, §  1;  Code 1935, §  2342;  5 Del. C. 1953, §  1909;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1910. Borrowing from Federal Home Loan Bank.

§ 1910. Borrowing from Federal Home Loan Bank.
Any building and loan association doing business in this State may borrow from any Federal Home Loan Bank to any amount within the regulations of the Federal Home Loan Bank and may secure advances from the Federal Home Loan Bank by the assignment or pledge of any mortgage, mortgages, or other assets, held by the building and loan association, and the building and loan association is authorized in securing advances to comply with such regulations, restrictions and limitations as the board of the Federal Home Loan Bank prescribes.
32 Del. Laws, c. 107, §  7;  39 Del. Laws, c. 19, §  1;  Code 1935, §  2342;  5 Del. C. 1953, §  1910;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1911. Power to borrow generally.

§ 1911. Power to borrow generally.
Any building and loan association doing business in this State may borrow money from sources other than a Federal Home Loan Bank, and may secure the same by the assignment or pledge of any mortgage, mortgages, or other assets held by the building and loan association, but the amount borrowed from all such other sources shall not at any time exceed in the aggregate 30 percent of the shareholders' invested capital in said association. The amount borrowed from all sources shall at all times, irrespective of whether or not the same are secured, constitute a preferred claim superior to all claims on account of the shares of the building and loan association.
32 Del. Laws, c. 107, §  7;  39 Del. Laws, c. 19, §  1;  Code 1935, §  2342;  45 Del. Laws, c. 165, §  1;  5 Del. C. 1953, §  1911;  56 Del. Laws, c. 328, §  5;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1912. Limitation on loans not secured by first mortgage on real estate.

§ 1912. Limitation on loans not secured by first mortgage on real estate.
Not more than 50 percent of the shareholders' invested capital in any building and loan association doing business in this State shall be loaned on real estate security on other than first liens.
32 Del. Laws, c. 107, §  7;  39 Del. Laws, c. 19, §  1;  Code 1935, §  2342;  5 Del. C. 1953, §  1912;  56 Del. Laws, c. 328, §  6;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1913. Matured stock.

§ 1913. Matured stock.
When, from the distribution of the profits of any building and loan association, the profits accruing to any series of stock show that the series has matured according to the provisions of the bylaws of the association, the association shall not make any further investment of its funds until all of the matured series of stock has been paid the owners thereof. The building and loan association shall allow the owners of matured stock interest at the rate of not less than 5 percent per annum upon the matured value of the series of stock during the time after the first month that the same remains unpaid. In no case shall the retirement of the stock be deferred longer than for a period of 12 months after the stock has matured.
32 Del. Laws, c. 107, §  8;  Code 1935, §  2343;  5 Del. C. 1953, §  1913;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1914. Contingent fund.

§ 1914. Contingent fund.
A building and loan association may set aside in its treasury, out of its earnings, a contingent fund which shall be used only for the purpose of paying losses and necessary expenses incurred in the maturing of any of its series of stock, and for the purpose of establishing and making equal, as nearly as may be, the time of maturing of all of the series. The funds so set aside may be invested as other funds of the association.
32 Del. Laws, c. 107, §  19;  37 Del. Laws, c. 133, §  4;  Code 1935, §  2354;  5 Del. C. 1953, §  1914;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1915. Undivided profits.

§ 1915. Undivided profits.
Any building and loan association may, at the discretion of its board of directors set aside any surplus net income or other available earnings which remain after reserve and dividend requirements have been met and retain such funds in an undivided profits account, provided that the total undivided profits on hand at any one time shall not exceed 10 percent of the association's paid in capital plus earnings.
5 Del. C. 1953, §  1915;  50 Del. Laws, c. 218, §  4;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1916. Fiscal agent.

§ 1916. Fiscal agent.
If and when an association is a member of a Federal Home Loan Bank, it shall have power to act as fiscal agent of the United States, and, when so designated by the Secretary of the Treasury, it shall perform, under such regulations as the Secretary may prescribe, all such reasonable duties as fiscal agent of the United States as the Secretary may require, and when authorized shall have power to act as fiscal agent for any instrumentality of the United States or of any instrumentality of this State.
5 Del. C. 1953, §  1916;  50 Del. Laws, c. 218, §  4;  84 Del. Laws, c. 42, § 65;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1917. Investment by minors.

§ 1917. Investment by minors.
(a) Any building and loan association in this State may receive funds for investment in the shares of the association from or in the name of a minor. When an investment shall be made in the shares of a building and loan association by a minor or in the name of a minor, the funds shall be held for the benefit of the investor in the same way and to the same extent as if the investor were an adult person. A minor may make drafts upon or withdrawals of his or her investment to the same extent as if he or she were an adult person and the funds shall be paid, together with dividends or interest thereon, to the person in whose name the investment shall have been made, or upon his or her written order. The receipt or acquittance of a minor shall be a valid and sufficient release and discharge to the association for the return of any investment, dividends or interest, or any part thereof.
(b) Any building and loan association shall have the right to refuse to receive funds offered for investment by or in the name of a minor.
(c) A minor investing funds in the shares of a building and loan association shall be subject, in all transactions connected therewith, as between himself or herself and the association, to all obligations, equities and defenses to which an adult person would be subject in similar transactions.
5 Del. C. 1953, §  1917;  50 Del. Laws, c. 218, §  4;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1918. Investments standing in the name of decedents.

§ 1918. Investments standing in the name of decedents.
Building and loan associations may pay out the investment of decedents, together with any dividends or interest thereon, without requiring letters of administration to be issued upon the estates of such decedents, when and as provided by §§ 2306 and 2307 of Title 12.
5 Del. C. 1953, §  1918;  50 Del. Laws, c. 218, §  4;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1919. Investments standing in the names of 2 or more persons.

§ 1919. Investments standing in the names of 2 or more persons.
When an investment in the shares of any building and loan association is made in the name of 2 or more persons, deliverable or payable to either, or to the survivor or survivors, the investment, or any part thereof, or the increase thereof, may be delivered or paid to either of the persons, or to the survivor or survivors, in due course of business.
5 Del. C. 1953, §  1919;  50 Del. Laws, c. 218, §  4;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1920. Investments in trust.

§ 1920. Investments in trust.
When an investment is made by any person in the shares of a building and loan association in this State, said investment in trust for another, and no other or further notice of the existence and terms of a legal and valid trust has been given in writing to the association, then, in the event of the death of the trustee, the investment or any part thereof, or the increase thereof, may be paid to the person for whose benefit the investment was made, or his or her legal representative, and the association shall be discharged of any further obligation whatsoever.
5 Del. C. 1953, §  1920;  50 Del. Laws, c. 218, §  4;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 19. POWERS AND CONDUCT OF BUSINESS › § 1921. Powers similar to federally chartered institutions.

§ 1921. Powers similar to federally chartered institutions.
To the extent authorized by the Commissioner pursuant to regulations, a building and loan association shall have the power to engage in any activity which such federally chartered institutions may be authorized to engage in by federal legislation or regulations issued pursuant to such legislation.
63 Del. Laws, c. 10, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 20. MERGER, CONSOLIDATION OR CONVERSION › § 2001. Merger, consolidation and conversion authorized.

§ 2001. Merger, consolidation and conversion authorized.
Any 2 or more building and loan associations incorporated under the general corporation laws of this State may, in the manner hereinafter provided, be merged into one such association, hereinafter designated as the surviving association, or consolidated into a new association to be formed under this chapter.
One or more building and loan associations incorporated under the general corporation laws of this State and 1 or more federal savings and loan associations, operating under the laws of the United States, may, in the manner hereinafter provided and pursuant to the laws of the United States, be merged into an association, hereinafter designated as the surviving association, or into a federal savings and loan association, or consolidated into a new association to be formed under this chapter, or into a new federal savings and loan association, and an association may, in the manner hereinafter provided and pursuant to the laws of the United States, be converted into a federal savings and loan association, and any federal savings and loan association may, in the manner hereinafter provided and pursuant to the laws of the United States, be converted into an association hereinafter designated as the converted association. No conversion of an association into a federal savings and loan association, or merger or consolidation of 1 or more associations with 1 or more federal savings and loan associations to form a federal savings and loan association shall be effected pursuant to this chapter, unless at the time of such merger, consolidation or conversion, the laws of the United States shall authorize a federal savings and loan association to merge into, consolidate with, or convert into an association with all the property and rights of such federal savings and loan association, vesting in such association in the same manner as is prescribed by this chapter in the merger, consolidation or conversion of federal savings and loan associations into building and loan associations.
5 Del. C. 1953, §  2001;  49 Del. Laws, c. 253.;
2023 Delaware Code › Title 5 - Banking › Chapter 20. MERGER, CONSOLIDATION OR CONVERSION › § 2003. Articles of merger, consolidation or conversion.

§ 2003. Articles of merger, consolidation or conversion.
Upon the approval, pursuant to this chapter, of the plan of merger, consolidation or conversion by the shareholders of the associations or federal savings and loan associations desiring to merge, consolidate or convert, or in the case of a surviving association, the articles or bylaws of which, pursuant to this chapter, provide that action by the shareholders shall not be required upon the giving of written notice to the shareholders of the intention of the board of directors to file articles of merger with the Secretary of State, articles of merger, consolidation or conversion, as the case may be, shall be executed under the seal of each association or federal savings and loan association and verified by 2 duly authorized officers of each association or federal savings and loan association, and shall set forth:
(1) The name of the surviving, new or converted association or federal savings and loan association;
(2) The time and place of the meeting of the directors at which the plan of merger, consolidation or conversion was proposed, and except where, pursuant to this chapter, the plan of merger is not submitted to a vote of the shareholders of the surviving association, the time and place of the meeting of the shareholders of each association or federal savings and loan association at which the plan of merger, consolidation or conversion, as the case may be, was ratified, the kind and period of notice given to the shareholders, and the total vote by which the plan was adopted;
(3) In the case of a merger into a surviving association, any changes desired to be made in the articles of the surviving association, or, in the case of a consolidation into a new association or the conversion of a federal savings and loan association into an association, all of the statements required by law to be set forth in the original articles in the case of the formation of an association;
(4) The number, names, and addresses of the persons to be the first directors of the surviving, new or converted association or federal savings and loan association;
(5) The plan of merger, consolidation or conversion.
5 Del. C. 1953, §  2003;  49 Del. Laws, c. 253.;
2023 Delaware Code › Title 5 - Banking › Chapter 20. MERGER, CONSOLIDATION OR CONVERSION › § 2004. Advertisement.

§ 2004. Advertisement.
The association or federal savings and loan association shall advertise its intention to file articles of merger, consolidation or conversion, as the case may be, with the Secretary of State. Advertisements shall appear in a newspaper of the county where the involved association or federal savings and loan association has its principal office at least 3 days prior to the day on which the articles of merger, consolidation or conversion are to be presented to the Secretary of State, and shall set forth briefly:
(1) The name and the location of the principal place of business of each of the associations or federal savings and loan associations intending to merge, consolidate or convert;
(2) The name and the location of the principal place of business of the surviving, new or converted association or federal savings and loan association;
(3) A statement that the articles of merger, consolidation or conversion are to be filed under this chapter;
(4) The purpose or purposes of the surviving, new or converted association;
(5) The time when the articles of merger, consolidation or conversion will be delivered to the Secretary of State.
5 Del. C. 1953, §  2004;  49 Del. Laws, c. 253.;
2023 Delaware Code › Title 5 - Banking › Chapter 20. MERGER, CONSOLIDATION OR CONVERSION › § 2005. Filing of articles of merger, consolidation or conversion; payment of fees; approval by Secretary of State.

§ 2005. Filing of articles of merger, consolidation or conversion; payment of fees; approval by Secretary of State.
The articles of merger, consolidation or conversion, as the case may be, the proof of publication of the advertisement required by this chapter, and a certificate or certificates from the proper department or departments evidencing payment by the corporation of all taxes and charges as required by law, shall be delivered to the Secretary of State.
The Secretary of State shall examine such articles of merger, consolidation or conversion, such proof of publication and such certificate or certificates herein required to be delivered therewith to determine whether they contain all the information and are in the form required by this chapter, and also whether the name of the surviving, new or converted association, as the case may be, conforms with the requirements of law for the name of such an association, or, if the name is not the same as either or any of the merging or consolidating associations, whether it is the same as 1 already adopted or reserved by another corporation or person or is so similar thereto that it is likely to mislead the public.
After all the fees, taxes, and other charges have been paid as required by law, except for the costs of an examination made by the State Bank Commissioner, pursuant to this chapter, to determine whether to approve the merger, consolidation or conversion, or any other charges made by the State Bank Commissioner, the Secretary of State, if the articles of merger, consolidation or conversion, the certificate or certificates herein required to be delivered therewith and the proof of publication contain the information and are in the form required by this chapter, shall forthwith, but not prior to the day specified in the advertisement of the intention to file the articles, endorse the Secretary of State's approval thereon, and shall forthwith transmit them to the State Bank Commissioner.
If the Secretary of State shall disapprove the articles of merger, consolidation or conversion pursuant to this chapter, the Secretary of State shall forthwith give notice thereof to the association or federal savings and loan association, stating in detail the Secretary of State's reasons for doing so, and stating how such association or federal savings and loan association can remedy the nonconformance with the provisions of this chapter. Upon remedying the defect, such association or federal savings and loan association may in the same manner file the same or amended articles, whichever the particular case may require.
5 Del. C. 1953, §  2005;  49 Del. Laws, c. 253;  84 Del. Laws, c. 42, § 66;
2023 Delaware Code › Title 5 - Banking › Chapter 20. MERGER, CONSOLIDATION OR CONVERSION › § 2007. Issuance of certificate of merger, consolidation or conversion.

§ 2007. Issuance of certificate of merger, consolidation or conversion.
Immediately upon receipt of the approved articles of merger, consolidation or conversion from the State Bank Commissioner, and upon receipt by the Secretary of State of the written approval of the Federal Home Loan Bank Board, if such approval is required by law, the Secretary of State shall file the articles, and shall issue to the surviving, new or converted association or federal savings and loan association, or its representative, a certificate of merger, consolidation or conversion. A copy of the approved articles of merger, consolidation or conversion shall be sent by the Secretary of State to the State Bank Commissioner.
5 Del. C. 1953, §  2007;  49 Del. Laws, c. 253.;
2023 Delaware Code › Title 5 - Banking › Chapter 20. MERGER, CONSOLIDATION OR CONVERSION › § 2010. Effective date of merger, consolidation or conversion.

§ 2010. Effective date of merger, consolidation or conversion.
Upon the issuance of the certificate of merger, consolidation or conversion by the Secretary of State, the merger, consolidation or conversion shall be effective. The certificate of merger, consolidation or conversion shall be conclusive evidence of the performance of all conditions precedent to such consolidation, merger or conversion and the creation or existence of a new, surviving or converted association, except as against the State.
5 Del. C. 1953, §  2010;  49 Del. Laws, c. 253.;
2023 Delaware Code › Title 5 - Banking › Chapter 20. MERGER, CONSOLIDATION OR CONVERSION › § 2011. Branch offices.

§ 2011. Branch offices.
(a) Any building and loan association incorporated under the laws of this State may open and maintain a branch office or place of business, or branch offices or places of business in this State, upon application submitted to and approved by the State Bank Commissioner, and upon the issuance of a certificate of authority by said Commissioner. The application shall state the exact location of the intended branch office and the necessity for its opening. The Commissioner shall inquire into the matter and if the Commissioner deems that the public convenience will be served thereby and that there is good and sufficient reason that the association shall have the branch office, the Commissioner shall issue the certificate of authority. Any certificate of authority issued by the Commissioner shall be void and of no effect at the expiration of 6 months after date of issue, unless the branch is actually opened for business. Unavoidable delay in opening the branch, due to construction problems or controls, or other matters beyond the control of the parent company, may be taken into consideration, and the Commissioner may extend the certificate for periods of 30 days in the event of such circumstances.
A fee of $575 for every such certificate shall be required by the Commissioner before issuing the same. In addition, the applicant shall pay an investigation fee of $575 which shall not be refundable and shall be submitted with the application.
(b) In the event of a merger or consolidation of associations under this chapter, the merging or consolidating associations may in their plan of merger or consolidation, and in their articles of merger or consolidation, provide for the continuance of the office or offices of the associations to be merged or consolidated as a branch office or branch offices of the surviving or new association, and if said articles are approved as required under this chapter relating to merger and consolidation, said office or offices may be continued after merger or consolidation as branch offices of the surviving or new association, without the necessity of filing separate applications under subsection (a) of this section.
(c) Nothing in this section shall deny any building and loan association the right to continue a branch office or offices if such branch office or offices shall have been actually established prior to June 28, 1963.
5 Del. C. 1953, §  2011;  54 Del. Laws, c. 86;  60 Del. Laws, c. 268, §§  13, 14;  67 Del. Laws, c. 260, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 20. MERGER, CONSOLIDATION OR CONVERSION › § 2012. Fees for merger, consolidation or conversion.

§ 2012. Fees for merger, consolidation or conversion.
The resulting association shall pay to the office of State Bank Commissioner a fee of $1,150 upon approval of a merger, consolidation or conversion. In addition, the resulting association shall pay an investigation fee of $575 which shall not be refundable and shall be submitted with the application.
60 Del. Laws, c. 268, §  15;  67 Del. Laws, c. 260, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 21. MORTGAGE LOAN BROKERS › § 2101. Definitions.

§ 2101. Definitions.
In this chapter, unless the context otherwise requires:
(1) “Borrower” means a person obtaining or desiring to obtain a mortgage loan.
(2) “Commissioner” means the State Bank Commissioner.
(3) “Licensee,” “licensed mortgage loan broker,” or “person licensed” means any person duly licensed or regulated by the Commissioner pursuant to this chapter.
(4) “Mortgage loan” means an extension of credit secured by a first or secondary mortgage on any 1-to-4 family residential owner-occupied property intended for personal, family or household purposes, which is:
a. Negotiated, offered or otherwise transacted within this State, in whole or in part;
b. Made or extended within this State; or
c. Secured by real property located in this State.
(5) “Mortgage loan broker” means a person who (i) in the ordinary course of business, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, negotiates or offers to negotiate, or arranges or solicits, or offers to arrange or solicit, a mortgage loan on behalf of a borrower, or (ii) holds himself out as being able to serve as an agent for any person in an attempt to obtain a mortgage loan; or (iii) holds himself or herself out as being able to serve as an agent or independent contractor to negotiate the terms or conditions of a mortgage loan on behalf of a lender (but who is not a person employed as an employee or agent of the lender).
(6) “Person” means an individual, corporation, partnership or any other group of individuals however organized.
68 Del. Laws, c. 326, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 21. MORTGAGE LOAN BROKERS › § 2102. License required.

§ 2102. License required.
(a) Subject to the provisions of subsection (b) of this section, every person desiring to transact the business of a mortgage loan broker shall be required to obtain a license under this chapter; provided however, that a person who acts as a mortgage loan broker with respect to 5 or fewer mortgage loans within any 12-month period shall be deemed not to be transacting the business of a mortgage loan broker. The licensing requirements of this chapter shall not apply to:
(1) Any banking organization, out-of-state state or national bank, state or federal savings bank or savings and loan association, credit union, licensed lender or insurance company; provided, that such person is licensed (or exempt from licensing) by, and is subject to regulation or supervision of, any agency of the United States or this State;
(2) Any person licensed to practice law in this State, not actively and principally engaged in the mortgage loan brokerage business, when such person renders services in the course of such person's practice as an attorney at law;
(3) Any person licensed in this State as a real estate broker or a real estate salesperson, not actively and principally engaged in the mortgage loan brokerage business, when such person renders services in the course of the person's business as a real estate broker or salesperson; or
(4) Any person employed as an employee or agent for a single licensed or exempt mortgage loan broker; provided, that any fees paid by borrowers are paid to the licensed or exempt mortgage loan broker and not to the employee or agent.
Any person conducting a mortgage loan brokerage business but exempted from the licensing requirements of this section shall nevertheless be subject to the provisions of § 2114 of this title in the conduct of such business.
(b) The Commissioner shall be authorized to exempt such persons or classes of persons, or such activities, from the licensing or other provisions of this chapter as the Commissioner shall find inappropriate to include within the coverage of this chapter in order to effectuate its purposes.
68 Del. Laws, c. 326, §  1;  71 Del. Laws, c. 254, §  28;
2023 Delaware Code › Title 5 - Banking › Chapter 21. MORTGAGE LOAN BROKERS › § 2103. Application and fees.

§ 2103. Application and fees.
(a) Every application for a license shall be in writing, in the form prescribed by the Commissioner and shall contain the name and complete address or addresses where the business of the applicant is to be conducted and, if the applicant is a partnership, association, corporation or other form of business organization, the names and complete addresses of each member, director and principal officer thereof. Such application shall also include a description of the activities of the applicant, in such detail and for such periods as the Commissioner may require, as well as such other further information as the Commissioner may require. The Commissioner, at the time the application is submitted or in connection with an investigation of the application, may require the applicant, the spouse of the applicant, a principal of, individual who is a person in control of, or proposed responsible individual of the applicant, or any other individual associated with the applicant and the proposed licensed activities, to provide the Commissioner or the Commissioner's designee with a complete set of fingerprints for purposes of a criminal background investigation. Such applicant, at the time of making such application, shall pay to the Commissioner, as an investigation fee, the sum of $250 which shall not be refundable.
(b) Upon approval, the applicant shall pay an annual license fee of $500, which shall be payable annually thereafter. Two hundred and fifty dollars of the aforementioned license fee shall be allocated to and for the assistance of the Delaware Emergency Mortgage Assistance Program. No abatement in the amount of said license fee shall be made if the license is issued for less than 1 year or if the license is surrendered, canceled or revoked prior to the expiration of the period for which such license was issued. Every license issued hereunder shall expire on December 31 of each year.
68 Del. Laws, c. 326, §  1;  76 Del. Laws, c. 420, §§  1, 2;  82 Del. Laws, c. 78, § 1;
2023 Delaware Code › Title 5 - Banking › Chapter 21. MORTGAGE LOAN BROKERS › § 2104. Issuance of license.

§ 2104. Issuance of license.
Upon the filing of an application for a license, if the Commissioner shall find that the financial responsibility, experience, character and general fitness of the applicant and of the members thereof (if the applicant is a partnership or association) and of the officers and directors thereof (if the applicant is a corporation) are such as to warrant belief that its business will be operated honestly, fairly and efficiently within the purpose of this chapter, the Commissioner shall thereupon issue a license to transact business in accordance with this chapter. If the Commissioner shall not so find, the Commissioner shall not issue such license and the Commissioner shall notify the applicant of its denial, give notice of the grounds for refusal and notify the applicant of the right to request a hearing. If the applicant requests a hearing, the Commissioner shall hold such hearing under Chapter 101 of Title 29. The Commissioner shall approve or deny every application for license hereunder within 90 days from the date the Commissioner determines that the application as filed with the Commissioner is complete.
68 Del. Laws, c. 326, §  1;  84 Del. Laws, c. 42, § 69;