reglab/statecodes huggingface dataset:
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter I. General Provisions › § 105. Office; expenses; account of receipts; Regulatory Revolving Fund.

§ 105. Office; expenses; account of receipts; Regulatory Revolving Fund.
(a) The principal office of the Commissioner shall be in Dover. The necessary expenses of the office, the salaries or compensation of the Commissioner and the employees who work for the Commissioner, and the necessary expenses incurred by them in the performance of their respective duties shall be paid by the Secretary of Finance when and as vouchers therefor are presented to him or her by the Commissioner or the Secretary of State.
(b) There is hereby created within the State Treasury a special fund to be designated as the State Bank Commissioner Regulatory Revolving Fund which shall be used in the operation of the Office of the State Bank Commissioner in the performance of the various functions and duties required of the Office by law.
(c) All supervisory assessments, examination fees, payment for costs and expenses in acting as a receiver, reimbursement for expenses incurred in the operation of the office and any investigation fees collected by the Commissioner pursuant to this title shall be deposited in the State Treasury to the credit of said State Bank Commissioner Regulatory Revolving Fund to be used in the operation of the Office as authorized by the General Assembly in its annual operating budget. All other fees and/or taxes collected by the Commissioner shall not be deposited in said fund but shall be deposited in the General Fund.
(d) Money reposing in the State Bank Commissioner Regulatory Revolving Fund shall be used by the Commissioner in the performance of the Commissioner's various functions and duties as provided by law, subject always to annual appropriations by the General Assembly for salaries and other routine operating expenses of the Office. The Council on Banking shall submit comments on the budget request of the Commissioner to the Secretary of State, the Governor and members of the General Assembly.
(e) The maximum unencumbered balance which shall remain in the State Bank Commissioner Regulatory Revolving Fund at the end of any fiscal year shall be 15 percent of the total budget for the previous year and any amount in excess thereof shall be reverted to each financial institution in an amount proportionate to the sum paid by that financial institution in the previous calendar year pursuant to § 127(b) of this title in such a manner as prescribed by the State Bank Commissioner and submitted to the Council on Banking.
30 Del. Laws, c. 111, §  4;  38 Del. Laws, c. 92, §  1(4);  Code 1935, §  2277;  42 Del. Laws, c. 77;  43 Del. Laws, c. 135, §  2;  5 Del. C. 1953, §  105;  57 Del. Laws, c. 740, §§  16E, 16G-16I;  61 Del. Laws, c. 435, §§  1-3;  63 Del. Laws, c. 195, §  1B;  67 Del. Laws, c. 60, §  1;  68 Del. Laws, c. 303, §  6;  70 Del. Laws, c. 186, §  1;  71 Del. Laws, c. 19, §§  1, 2;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter I. General Provisions › § 106. Seal.

§ 106. Seal.
The Commissioner shall use the official seal, a full description of which, with the impress thereof, has heretofore been filed in the office of the Secretary of State. Such seal shall continue to be the official seal of the Commissioner until changed by authority of law.
30 Del. Laws, c. 111, §  5;  Code 1935, §  2278;  5 Del. C. 1953, §  106;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter I. General Provisions › § 107. Annual report.

§ 107. Annual report.
The Commissioner shall make an annual report of all the Commissioner's official acts to the Governor.
30 Del. Laws, c. 111, §  14;  Code 1935, §  2287;  5 Del. C. 1953, §  107;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter I. General Provisions › § 108. Prohibited relationships with supervised institutions.

§ 108. Prohibited relationships with supervised institutions.
The Commissioner, Deputy Commissioners, examiners or compliance reviewers employed by the Commissioner, or such person's spouse or such person's son or daughter residing at such person's residence shall not obtain a loan or utilize credit from any financial institution. To the extent that a licensee subject to the provisions of Chapter 22 or 29 of this title is examined solely for purposes of determining compliance with State law and consumer protection statutes, the above shall not apply unless the Commissioner finds that an actual conflict may arise. For the purposes of this section, an entity shall not be considered supervised or regulated by the Office of the State Bank Commissioner solely because it is exempt under § 2202 of this title or because it is subject to an escheat examination conducted by the Office of the State Bank Commissioner. The prohibition contained above shall not be construed as prohibiting such persons from being a depositor or member of any such financial institution on the same terms as available to the public generally.
61 Del. Laws, c. 359, §  2;  69 Del. Laws, c. 165, §  5;  71 Del. Laws, c. 254, §  3;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 122. Examination of financial institutions.

§ 122. Examination of financial institutions.
(a) The Commissioner shall visit and examine each financial institution as frequently as the Commissioner deems it necessary or expedient. On the occasion of every such visit and examination, the Commissioner shall, in company with 1 or more of the officers of the institution visited, be given free access to every part of the office or place of business visited and to the assets, securities, books, papers and records of the institution.
(b) Any examination may be made by a deputy or by any person designated by the Commissioner, and in such case all the powers vested in the Commissioner by this section shall be possessed by the deputy or other persons making the examination. When any examination is made without the presence of the Commissioner, the Commissioner shall give written authority to the person conducting the examination which shall be exhibited to the officers of the institution visited.
(c) The examination required by this section shall be a thorough examination into the affairs of the institution, 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, trustees or managers, its compliance or noncompliance with its charter and bylaws, its compliance or noncompliance with this Code or any regulations promulgated thereunder, and any other statutes or regulations of this State or the United States, and also, such other matters, as in the judgment of the Commissioner may have relation to the solvency or insolvency of the institution.
(d) In connection with such examination, the Commissioner shall have power to examine, under oath or affirmation, the officers, directors, trustees, managers and employees, of the institution being examined, relative to its affairs, and for this purpose the Commissioner may administer oaths or affirmations.
(e) The Commissioner or the Commissioner's lawful designee shall examine banking organizations for compliance with the provisions of subchapter II of Chapter 11 of Title 12 and shall report the Commissioner's findings, on a confidential basis, to the State Escheator.
30 Del. Laws, c. 111, §  8;  32 Del. Laws, c. 103, §  5;  38 Del. Laws, c. 92, §  1(5), (6);  Code 1935, §§  2281, 2293;  5 Del. C. 1953, §  122;  66 Del. Laws, c. 27, §  4;  67 Del. Laws, c. 268, §  1;  68 Del. Laws, c. 105, §  1;  70 Del. Laws, c. 186, §  1;  77 Del. Laws, c. 126, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 123. False statements, entries or reports; penalty.

§ 123. False statements, entries or reports; penalty.
Every director, officer, agent, clerk or employee of any institution affected by § 122 of this title, who wilfully and knowingly subscribes or makes any false statement of facts or false entries in the books of the institution, or knowingly subscribes or exhibits any false paper, with intent to deceive any person authorized to examine as to the condition of the institution, or wilfully or knowingly subscribes to or makes any false report, shall be fined or imprisoned, or both.
32 Del. Laws, c. 103, §  8;  Code 1935, §  2296;  5 Del. C. 1953, §  123;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 124. Commissioner's report of examination; cooperation with other regulatory agencies.

§ 124. Commissioner's report of examination; cooperation with other regulatory agencies.
(a) The Commissioner shall make and file in the Commissioner's office a detailed report of each examination made by the Commissioner or any of the employees who work for the Commissioner, and shall furnish a copy of the report to the institution examined, and with respect to a state bank or trust company that is a member of the Federal Reserve Bank in the Federal Reserve District embracing the State, the Commissioner shall also furnish a copy of the report of the examination of the state bank or trust company to the Federal Reserve Bank, and with respect to a state bank or trust company which has established a division pursuant to § 767 or § 1662(b) of this title, the Commissioner shall also furnish a summary, on a confidential basis, of the report of any examination of the state bank or trust company to the Insurance Commissioner. In order to protect the confidentiality of the contents of the examination report or other related documents, the Commissioner may prescribe regulations to prevent the disclosure of confidential information relating to the examination of any institution under the Commissioner's supervision.
(b) The Commissioner may enter into cooperative agreements with other regulatory authorities with respect to any institution subject to the Commissioner's supervision, which cooperative agreements may include, but not be limited to, the sharing of examination reports with appropriate state and federal authorities, and the Commissioner may enter into joint actions with other regulatory authorities with respect to any institution subject to the Commissioner's supervision, which joint action, among other things, may be to assure the safety and soundness of any Delaware bank and to assure compliance with applicable Delaware banking laws, consistent with the purposes of this chapter.
30 Del. Laws, c. 111, §  11;  38 Del. Laws, c. 92, §  1(7), (8), (9), (10);  5 Del. C. 1953, §  124;  57 Del. Laws, c. 740, §  16E;  67 Del. Laws, c. 191, §  1;  67 Del. Laws, c. 223, §  6;  69 Del. Laws, c. 165, §  6;  70 Del. Laws, c. 186, §  1;  71 Del. Laws, c. 19, §  3;  71 Del. Laws, c. 25, §  3;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 125. Disclosure of information; penalty.

§ 125. Disclosure of information; penalty.
(a) The Commissioner and each of the employees who work for the Commissioner shall be bound by their oath of office to keep secret all the facts and information obtained in the course of the examination, except insofar as public duty shall require a report to be made of the examination, and except when the Commissioner or any of the employees who work for the Commissioner, shall be called as a witness or witnesses in any criminal proceeding.
(b) Upon the request of any state bank or trust company which has made application for membership in the Federal Reserve Bank in the Federal Reserve District embracing the State, or which is a member of such Federal Reserve Bank, together with the request of the Federal Reserve Bank, the Commissioner shall furnish to the Federal Reserve Bank all the facts and information at any time in the Commissioner's possession concerning the state bank or trust company.
(c) If the Commissioner or any of the employees who work for the Commissioner disclose anything relative to the private accounts or transactions of any institution examined, or disclose any facts and information discovered in the course of the examination, or retain in their private possession, or remove from the office of the Commissioner, copies of any letters, papers, accounts, books or records disclosing such facts and information, except as provided in § 124 of this title and this section, whether during their term of office or employment or thereafter, they shall be subject to forfeiture of their office or employment, and may be fined not more than $1,000, or imprisoned not more than 2 years, or both.
30 Del. Laws, c. 111, §  11;  38 Del. Laws, c. 92, §  1(7), (8), (9), (10);  Code 1935, §  2284;  5 Del. C. 1953, §  125;  57 Del. Laws, c. 740, §§  16E, 16J;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 126. Exemptions from examination.

§ 126. Exemptions from examination.
(a) Any state bank or trust company which is a member of the Federal Reserve Bank in the Federal Reserve District embracing the State, and which shall be examined by a Federal Reserve Examiner, may be exempted from examination by the Commissioner; and the examination by the Federal Reserve Examiner may be accepted by the Commissioner as a sufficient compliance with the requirements of this chapter with respect to examinations.
(b) Any state bank or trust company, whether a member or nonmember of the Federal Reserve Bank, 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.
(c) In the case of each exemption under this section, a certified report of the examination made by a Federal Reserve Examiner, or by a certified public accountant, shall be filed in the office of the Commissioner.
30 Del. Laws, c. 111, §  12;  Code 1935, §  2285;  5 Del. C. 1953, §  126;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 128. Federal Reserve System reserve requirements.

§ 128. Federal Reserve System reserve requirements.
The Commissioner, in determining, in the course of the Commissioner's examination, the amount of lawful money reserve required under this Code and any other law of this State to be maintained, at all times, by state banks and trust companies, shall not require those state banks and trust companies that hold reserves under federal statutes to maintain a greater reserve than that required by the Federal Reserve Act.
30 Del. Laws, c. 111, §  9;  Code 1935, §  2282;  5 Del. C. 1953, §  128;  62 Del. Laws, c. 246, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 129. Insufficient proportion of assets in cash or readily convertible securities; Commissioner's notice to directors, stockholders, etc.

§ 129. Insufficient proportion of assets in cash or readily convertible securities; Commissioner's notice to directors, stockholders, etc.
Whenever the Commissioner shall be satisfied from the Commissioner's examination of any bank or trust company (other than savings banks and savings societies) that the bank or trust company has an insufficient proportion of its assets in cash and securities readily convertible into cash, the Commissioner shall so notify the board of directors of the bank or trust company, and thereupon the board of directors shall carry out the requirements of the Commissioner in that behalf, and upon their failure to do so within such time as the Commissioner considers reasonable, the Commissioner shall report the matter to the stockholders of the bank or trust company either at a regular or special meeting. The Commissioner may call a special meeting of the stockholders for this purpose should the Commissioner deem it advisable.
Nothing in this section shall be deemed to limit or curtail the powers and duties of the Commissioner as provided in §§ 131-135 of this title.
37 Del. Laws, c. 132, §  1;  Code 1935, §  2313;  5 Del. C. 1953, §  129;  49 Del. Laws, c. 129;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 130. Impaired capital; procedure upon failure to make good.

§ 130. Impaired capital; procedure upon failure to make good.
If the Commissioner believes that the capital of any bank or trust company under the Commissioner's jurisdiction has been impaired, the Commissioner may require it to make good the deficiency within such time as the Commissioner shall specify. If the bank or trust company shall fail to comply with the Commissioner's notice within the time prescribed, the Commissioner may forthwith take possession of the institution's place of business, and retain such possession until the institution shall have made good the deficiency, or has been finally liquidated, or a receiver shall have been appointed to take charge of its business and affairs. The Commissioner may cause proceedings to be instituted against the institution, and the Attorney General shall, upon the request of the Commissioner, institute such proceedings as the nature of the case may require.
30 Del. Laws, c. 111, §  10;  32 Del. Laws, c. 103, §  6;  38 Del. Laws, c. 93, §  1(2);  Code 1935, §§  2283, 2294;  5 Del. C. 1953, §  130;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 132. Possession and operation of bank or trust company by Commissioner without receivership.

§ 132. Possession and operation of bank or trust company by Commissioner without receivership.
If by reason of any circumstance or condition whatsoever, the Commissioner shall be satisfied that it is necessary for the protection of the depositors and the conservation of the assets of any state bank or trust company doing business in this State, the Commissioner may forthwith take possession of the place of business of the bank or trust company and take charge of its affairs and the conduct of its business for such time as the Commissioner deems necessary without first instituting or causing to be instituted any proceeding in the Court of Chancery, but every bank or trust company shall have the right to apply to the Court of Chancery for a rule on the Commissioner so taking possession of the bank or trust company to show cause why the Commissioner should continue in possession, and the Court may after a hearing upon such rule, direct the Commissioner to withdraw from the possession of the bank or trust company if the Court deems that the taking of such possession or the Commissioner's continuance therein is unnecessary or inexpedient. The Commissioner may keep the bank or trust company open and continue it in the transaction of business during the Commissioner's possession of it, and if the Commissioner deems it necessary, to prescribe restrictions as to the withdrawal of deposits, whether time or demand, and to prescribe the conditions upon which deposits, whether time or demand, may be withdrawn during the Commissioner's possession of the bank or trust company.
32 Del. Laws, c. 103, §  9;  38 Del. Laws, c. 93, §  1(3), (4);  Code 1935, §  2297;  5 Del. C. 1953, §  132;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 133. Employment of assistants.

§ 133. Employment of assistants.
The Secretary of State may employ such persons outside the regular force in the State Banking Department as the Secretary deems necessary or proper to assist the Commissioner in the performance of the Commissioner's duties, whether acting as receiver under order of Court or in possession of the bank or trust company on the Commissioner's own motion, under §§ 131 and 132 of this title, and may select some or all of the officers and employees of the bank or trust company for this purpose. He or she shall require such security as he or she deems proper from the persons appointed pursuant to this section.
32 Del. Laws, c. 103, §  9;  38 Del. Laws, c. 93, §  1(3), (4);  Code 1935, §  2297;  5 Del. C. 1953, §  133;  57 Del. Laws, c. 740, §  16I;  63 Del. Laws, c. 195, §  1B;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 134. Commissioner's costs and expenses as receiver; priority.

§ 134. Commissioner's costs and expenses as receiver; priority.
The costs and expenses incurred by the Commissioner in acting as the receiver for any bank or trust company, including the compensation and expenses of all assistants, shall be paid out of the assets of the said bank or trust company and shall have priority over all of its other corporate indebtedness. The costs and expenses incurred by the Commissioner in taking possession of a corporation without being appointed receiver thereof, including the compensation and expenses of all assistants, shall be paid out of the assets of the bank or trust company and shall have priority over its other debts.
32 Del. Laws, c. 103, §  9;  38 Del. Laws, c. 93, §  1(3), (4);  Code 1935, §  2297;  5 Del. C. 1953, §  134;  57 Del. Laws, c. 740, §  16J;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 135. Moratorium on deposit withdrawals and segregation of new deposits.

§ 135. Moratorium on deposit withdrawals and segregation of new deposits.
The Commissioner may, in addition to all other powers, whenever in the Commissioner's judgment the circumstances warrant it, authorize any and all banks and trust companies under the Commissioner's jurisdiction to:
(1) Extend for a period of 90 days, and for a further period if the Commissioner deems it expedient, payment of any time accounts where notice of withdrawal has been given or may thereafter be given;
(2) Postpone for any length of time the payment of any proportion of the deposits in demand accounts of any individual, firm or corporation as the Commissioner deems necessary and expedient, to be determined by the Commissioner according to the ability of any bank or trust company to pay such withdrawals;
(3) Receive new deposits which shall be segregated from the old deposits and which shall not be subject to the restriction or limitations authorized by subdivisions (1) and (2) of this section. The new deposits shall be invested in such liquid assets as may be approved by the Commissioner in order that banks and trust companies may at all times have sufficient funds to meet the demands for withdrawal of such new deposits.
32 Del. Laws, c. 103, §  9;  38 Del. Laws, c. 93, §  1(3), (4);  Code 1935, §  2297;  5 Del. C. 1953, §  135;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 138. Hearings.

§ 138. Hearings.
A hearing conducted pursuant to § 136, § 137 or § 143 of this title shall be conducted in accordance with Chapter 101 of Title 29; provided, however, that such a hearing shall be a nonpublic hearing, notwithstanding any statute or rule to the contrary. A nonpublic hearing shall be identical in all respects to a public hearing; provided, however, that the notice of hearing, the transcript, the proposed findings and conclusions of the Commissioner, the findings and conclusions of the Commissioner and other papers which are filed in connection with any hearing shall not be made public.
61 Del. Laws, c. 544, §  4;  68 Del. Laws, c. 303, §  7;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 139. Judicial review.

§ 139. Judicial review.
(a) Orders issued by the Commissioner pursuant to §§ 136 and 137 of this title shall be enforced by the Court of Chancery, subject to the following conditions and limitations:
(1) Any person aggrieved and directly affected by an order of the Commissioner issued pursuant to §§ 136 and 137 of this title may appeal to the Court of Chancery within 30 days after the issuance of such order;
(2) The filing of an appeal shall not stay the enforcement of an order, but the Court may order a stay on such terms as it deems proper;
(3) The Court may affirm, modify, terminate or set aside, in whole or in part, the order of the Commissioner if such order was issued pursuant to an invalid statute or regulation, in excess of statutory authority or if such order was not supported by substantial evidence in the record;
(4) The judgment and decrees of the Court shall be final, except that it shall be subject to review by the Supreme Court.
(b) No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith in reliance upon a subsisting order, regulation or definition of the Commissioner, notwithstanding a subsequent decision by any court invalidating the order, regulation or definition.
61 Del. Laws, c. 544, §  5;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 140. Notice to federal authorities.

§ 140. Notice to federal authorities.
In connection with any proceeding under this chapter involving a financial institution under the concurrent supervision of a federal agency and the Commissioner, the Commissioner shall provide the appropriate federal agency with notice of any such proceedings and the grounds therefor. Such proceeding may then be continued jointly or by either the federal agency or the Commissioner. Failure of the Commissioner to give such notice shall not constitute a ground for attacking the validity of the order.
61 Del. Laws, c. 544, §  6;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 141. Retention of financial institution records.

§ 141. Retention of financial institution records.
(a) All records of financial institutions and of federally chartered financial institutions, insofar as this section does not contravene paramount federal law, shall be retained for such minimum periods as the Commissioner may prescribe.
(b) The Commissioner shall from time to time issue regulations classifying all records kept by these institutions and prescribing the minimum period for which these records shall be retained. The periods may be permanent or for a lesser term. Such regulations may be amended or repealed from time to time. The regulations shall be promulgated as provided for in Chapter 101 of Title 29.
(c) In issuing the regulations required by subsection (b) of this section, the Commissioner shall consider:
(1) Court and administrative proceedings in which the production of these records might be necessary or desirable;
(2) State and federal statutes of limitation applicable to such proceedings;
(3) Availability of information from other sources; and
(4) Such other matters as the Commissioner shall deem pertinent in order that the regulations will require retention of records for such reasonable period as is commensurate with the interests of customers, depositors, stockholders and the peoples of the State in having such records available.
(d) The Commissioner shall additionally prescribe the substitution of reproductions for the originals to cover the periods for which such records shall be retained.
(e) Institutions may at their option dispose of any record which has been retained for the minimum period prescribed by the Commissioner.
61 Del. Laws, c. 360, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 142. Subpoena powers.

§ 142. Subpoena powers.
The Commissioner's authority to subpoena witnesses and documents outside the State shall exist to the maximum extent permissible under federal constitutional law.
68 Del. Laws, c. 303, §  8;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter II. Powers and Duties › § 144. Restrictions on use of words “savings” or “trust” in corporate name.

§ 144. Restrictions on use of words “savings” or “trust” in corporate name.
No financial institution established under this title shall have or use the word “savings” in its title or name, except for a savings bank established under Chapter 16 of this title, nor shall any financial institution established, licensed or authorized to transact business under this title which is not a bank and trust company, a limited purpose trust company or a trust company have or use the word “trust” in its title or name, unless it, or an affiliate of such entity, is a regulated trust institution under the laws of this or any other state.
70 Del. Laws, c. 6, §  1;  71 Del. Laws, c. 25, §  4;  73 Del. Laws, c. 247, §  4;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter III. Change in Bank Control › § 160. Prior permission required.

§ 160. Prior permission required.
(a) No person, acting directly or indirectly or through or in concert with 1 or more other persons, shall acquire control of any Delaware chartered bank or trust company through a purchase, assignment, transfer, pledge or other disposition of voting stock of such bank or trust company unless the State Bank Commissioner has been given at least 60 days' prior written notice of such proposed acquisition and within that time period the Commissioner has not issued a notice disapproving the proposed acquisition or extending for up to another 30 days the period during which such approval may issue. The period for disapproval may be further extended only if the Commissioner determines that any acquiring party has not furnished all the information required or that in the Commissioner's judgment any material information submitted is substantially inadequate. An acquisition may be made prior to the expiration of the disapproval period if the Commissioner issues written notice of the Commissioner's intent not to disapprove the action.
(b) Notwithstanding any other provision of this title, and subject to the provisions contained herein, an out-of-state bank holding company may acquire and retain an existing bank satisfying the conditions of subchapter I of Chapter 8 of this title and except for the requirement that such bank be a newly established bank, all other provisions of subchapter I of Chapter 8 of this title will be applicable to such out-of-state bank holding company and the bank so acquired; provided, however, that no acquisition shall be authorized by this subsection on or after January 1, 1997.
66 Del. Laws, c. 24, §  1;  68 Del. Laws, c. 105, §  2;  71 Del. Laws, c. 19, §  9;  84 Del. Laws, c. 42, § 56;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter III. Change in Bank Control › § 162. Content of notice.

§ 162. Content of notice.
Except as otherwise provided by regulation of the Commissioner, a change of control notice filed under this subchapter shall contain at least the following information:
(1) The identity, personal history, business background and experience of each person by whom or on whose behalf the acquisition is to be made, including such person's material business activities and affiliations during the past 5 years, and a description of any material pending legal or administrative proceedings in which such person is a party and any criminal indictment or conviction of such person by a state or federal court.
(2) A statement of the assets and liabilities of each person by whom or on whose behalf the acquisition is to be made, as of the end of the fiscal year for each of the 5 years immediately preceding the date of the notice, together with related statements of income and source and application of funds for each of the 5 fiscal years must be included, all prepared in accordance with generally accepted accounting principles consistently applied, and an interim statement of the assets and liabilities for each such person together with related statements of income, source and application of funds, as of a date not more than 90 days prior to the date of filing of the notice.
(3) The terms and conditions of the proposed acquisition as well as the manner in which the acquisition is to be made.
(4) The identity, source and amount of the funds or other consideration used or to be used in making the acquisition, and if any part of these funds or other consideration has been or is to be borrowed or otherwise obtained for the purpose of making the proposed acquisition, the notice must include a description of the transaction, the names of the parties, and any arrangements, agreements or understandings with such persons.
(5) Any plans or proposals which any acquiring party making the acquisition may have to liquidate the bank, to sell its assets or to merge it with any company or to make any other major change in its business or corporate structure or management.
(6) The identification of any person employed, retained, or to be compensated by the acquiring party, or by any person on its behalf, to make solicitations or recommendations to stockholders for the purpose of assisting in the acquisition, and a brief description of the terms of such employment, retainer or arrangement for compensation.
(7) Copies of all invitations or tenders, or advertisements making a tender offer, to stockholders for the purpose of purchasing their stock that will be used in connection with the proposed acquisition.
(8) Any additional relevant information in such form as the Commissioner may require by regulation or by specific request in connection with any particular notice.
66 Del. Laws, c. 24, §  1;  84 Del. Laws, c. 42, § 57;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter III. Change in Bank Control › § 163. Disapproval of an application.

§ 163. Disapproval of an application.
The Commissioner may disapprove any proposed acquisition if:
(1) The proposed acquisition of control would result in a monopoly or would be in furtherance of any combination of conspiracy to monopolize or attempt to monopolize the business of banking in the State;
(2) The effect of the proposed acquisition of control in Delaware may be substantially to lessen competition or to tend to create a monopoly or the proposed acquisition of control would in any manner be in restraint of trade and the anticompetitive effects of the proposed acquisition of control are not clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served;
(3) The financial condition of any acquiring person is such as might jeopardize the financial stability of the bank or prejudice the interest of the depositors of the bank;
(4) The competence, experience or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the depositors of the bank or in the interest of the public to permit such person to control the bank; or
(5) Any acquiring person neglects, fails or refuses to furnish the Bank Commissioner all the information required by the Bank Commissioner's office.
66 Del. Laws, c. 24, §  1;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter III. Change in Bank Control › § 164. Notice and hearing.

§ 164. Notice and hearing.
Having decided to disapprove any proposed acquisition the Commissioner shall promptly notify the acquiring party in writing of the disapproval. Such notice shall provide a statement for the basis of the disapproval. Within 10 days after the receipt of such notice of disapproval, the acquiring party may request a hearing before the Bank Commissioner on the proposed acquisition. The hearing shall be conducted in accordance with the provisions of Chapter 101 of Title 29.
66 Del. Laws, c. 24, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter III. Change in Bank Control › § 165. Civil actions and penalties.

§ 165. Civil actions and penalties.
Any person who wilfully violates any provision of this subchapter, or any regulation or order issued by the Commissioner pursuant thereto, shall forfeit and pay the civil penalty of not more than $10,000 per day for each day during which such violation continues. The Commissioner shall have authority to assess such a civil penalty, after giving notice and an opportunity to the person to submit data, views and arguments, and after giving due consideration to the appropriateness, the penalty with respect to the size of the financial resources and good faith of the person charged, the gravity of the violation, and any data, views and arguments submitted. The Bank Commissioner may collect such civil penalty by agreement with the person or by bringing an action in the Court of Chancery, except that in any such action, the person against whom the penalty has been assessed shall have a right of trial de novo.
66 Del. Laws, c. 24, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter III. Change in Bank Control › § 166. Injunction.

§ 166. Injunction.
The State Bank Commissioner is empowered to seek an injunction for violation of this subchapter and any such action shall be brought in the Court of Chancery.
66 Del. Laws, c. 24, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter III. Change in Bank Control › § 167. Definitions.

§ 167. Definitions.
For purposes of this subchapter, the following words and phrases shall have the meanings ascribed to them herein:
(1) “Control” means the power, directly or indirectly, to direct the management or policies of a Delaware chartered bank or trust company or to vote 25 percent or more of any class of voting securities of such bank or trust company. For purposes of this subchapter, the acquisition of 10 percent or more of the voting stock of a Delaware chartered bank or trust company shall be presumed to constitute control if such institution has any class of voting securities registered under § 12 of the Securities Exchange Act of 1934 [15 U.S.C. § 78l] or if immediately after the transaction no other person will own an aggregate proportion of the class of voting securities.
(2) “Delaware chartered bank or trust company” includes any Delaware bank holding company or Delaware savings and loan holding company.
66 Del. Laws, c. 24, §  1;  69 Del. Laws, c. 165, §§  10, 11;  71 Del. Laws, c. 25, §  5;
2023 Delaware Code › Title 5 - Banking › Chapter 1. STATE BANK COMMISSIONER › Subchapter III. Change in Bank Control › § 168. Exceptions; authority for emergency acquisitions.

§ 168. Exceptions; authority for emergency acquisitions.
(a) This subchapter shall not apply to the formation of new banks and trust companies, the merger of existing banks or trust companies or to the formation of bank holding companies or savings and loan holding companies or the acquisition by bank holding companies or savings and loan holding companies of Delaware banks and trust companies which otherwise require application to and approval by the Commissioner.
(b) Notwithstanding any other provision of this title, the Commissioner may approve the change of control of any Delaware chartered bank or trust company upon determining that the Delaware chartered bank or trust company is in default or in danger of default; provided, however, that the Delaware chartered bank or trust company has not been caused to be in default or in danger of default for the specific purpose of engaging in a change of control transaction pursuant to this subsection. For purposes of this subsection, the term “in danger of default” with respect to a Delaware chartered bank or trust company means that in the opinion of the Commissioner, the Delaware chartered bank or trust company is not likely to be able to meet the demands of its depositors or pay its obligations in the normal course of business and there is no reasonable prospect that it will be able to meet such demands or pay such obligations without assistance, or the Delaware chartered bank or trust company has incurred or is likely to incur losses that will deplete all or substantially all of its capital and there is no reasonable prospect that its capital will be replenished without assistance.
66 Del. Laws, c. 24, §  1;  71 Del. Laws, c. 25, §  6;  72 Del. Laws, c. 286, §  2;
2023 Delaware Code › Title 5 - Banking › Chapter 7. CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES › Subchapter I. General Provisions › § 701. Establishment of banks and trust companies; savings banks and national banks.

§ 701. Establishment of banks and trust companies; savings banks and national banks.
Except as specifically provided by Chapter 15 or Chapter 16 of this title, banks and trust companies shall be established or created in this State under and in accordance with this chapter. This chapter shall not, however, apply to national banks, except as otherwise provided in subchapters VI and VII of this chapter. The terms “bank” or “banks,” when used in this chapter, do not include such national banks, except as otherwise provided in subchapters VI and VII of this chapter. Furthermore, the provisions of this chapter specifically relating to capital stock or stockholders of a bank organized under this chapter shall not apply to a corporation without capital stock doing a savings bank business.
38 Del. Laws, c. 94, §§  1, 2;  Code 1935, §§  2370, 2371;  5 Del. C. 1953, §  701;  64 Del. Laws, c. 42, §  2;  70 Del. Laws, c. 327, §  3;  70 Del. Laws, c. 336, §  1;  71 Del. Laws, c. 19, §  19;  71 Del. Laws, c. 25, §  7;
2023 Delaware Code › Title 5 - Banking › Chapter 7. CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES › Subchapter I. General Provisions › § 702. Applicability of other laws.

§ 702. Applicability of other laws.
Every corporation (but not including a limited liability company) created under this chapter shall be deemed to be subject to and entitled to the benefit of this Code and any other general statutes of this State making provision for the regulation of banks and trust companies, or for the regulation and governance of corporations established under Title 8 of this Code, where the same are not inconsistent with the express provisions of this chapter. Every limited liability company created under this chapter shall be deemed to be subject to and entitled to the benefit of this Code and any other general statutes of this State making provision for the regulation of trust companies, or for the regulation and governance of limited liability companies formed under Title 6, where the same are not inconsistent with the express provisions of this chapter.
38 Del. Laws, c. 94, §  32;  Code 1935, §  2401;  5 Del. C. 1953, §  702;  64 Del. Laws, c. 156, §  2;  76 Del. Laws, c. 383, §  2;
2023 Delaware Code › Title 5 - Banking › Chapter 7. CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES › Subchapter I. General Provisions › § 703. Taxation.

§ 703. Taxation.
Every corporation and limited liability company created by or under this chapter, and every corporation and limited liability company whose charter, certificate of incorporation or certificate of formation is amended under this chapter, shall be subject to the same taxation as shall be fixed by the laws of this State for banks and trust companies.
38 Del. Laws, c. 94, §  34;  Code 1935, §  2403;  5 Del. C. 1953, §  703;  61 Del. Laws, c. 490, §  1;  76 Del. Laws, c. 383, §  3;
2023 Delaware Code › Title 5 - Banking › Chapter 7. CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES › Subchapter I. General Provisions › § 705. Revocation for nonuse of charters granted prior to July 1, 1933.

§ 705. Revocation for nonuse of charters granted prior to July 1, 1933.
Every charter authorizing the establishment of a bank or trust company in this State and which was granted or passed by the General Assembly of this State prior to the 1st day of July, 1933, shall be deemed and held to be revoked for nonuse of corporate franchise unless the corporation created or authorized by such charter was actively engaged in business in this State on December 31, 1933.
32 Del. Laws, c. 103, §  22;  38 Del. Laws, c. 93, §  1(8);  Code 1935, §  2310;  5 Del. C. 1953, §  705;
2023 Delaware Code › Title 5 - Banking › Chapter 7. CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES › Subchapter II. Formation of Bank or Trust Company › § 722. Incorporators; number and qualifications.

§ 722. Incorporators; number and qualifications.
Three or more persons, at least 2 of whom must be citizens and residents of this State, of lawful age who associate themselves by a written agreement, hereinafter called “articles of association,” for the purpose of forming a bank or trust company may, upon compliance with this chapter, become a corporation, with the powers conferred by this chapter and subject to the regulations prescribed by this chapter and subject also to the regulations prescribed for banks and trust companies by any general statute of this State. Notwithstanding the foregoing, in the case of a trust company that is a limited liability company, 1 or more persons, whether individuals or nonnatural persons, each of whom will be an initial stockholder of the limited liability company and regardless of the citizenship, residency or domicile of such persons, who associate themselves by a written agreement, or in the case of 1 person, who executes a written agreement, in each case hereinafter called “articles of association,” for the purpose of forming a trust company may, upon compliance with this chapter, form a limited liability company with the powers conferred by this chapter and subject to the regulations prescribed for trust companies by any general statute of this State.
38 Del. Laws, c. 94, §  4;  Code 1935, §  2373;  5 Del. C. 1953, §  722;  63 Del. Laws, c. 3, §  1;  71 Del. Laws, c. 25, §  8;  76 Del. Laws, c. 383, §  5;
2023 Delaware Code › Title 5 - Banking › Chapter 7. CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES › Subchapter II. Formation of Bank or Trust Company › § 723. Articles of association; contents and execution.

§ 723. Articles of association; contents and execution.
(a) The articles of association shall set forth that the subscribers thereto associate themselves with the intention of forming a corporation, and shall specifically state:
(1) The name by which the corporation shall be known;
(2) The purpose for which it is formed;
(3) The city or town where its place of business will be located;
(4) The amount of its capital stock, and the number of shares into which it is to be divided;
(5) The number of its directors, which shall not be less than 5;
(6) Whether or not the corporation is to have perpetual existence, and if not the time when its existence is to cease;
(7) Whether the private property of the stockholders shall be subject to the payment of corporate debts, and if so, to what extent.
(b) The articles of association may also contain other provisions defining, limiting and regulating the powers of the corporation, the powers and duties of the directors, and the powers of the stockholders, if such provisions are consonant with the object, purpose and provisions of this chapter and are not in conflict with this Code or any other general statute of this State relating to banks and trust companies.
(c) Each incorporator shall subscribe to the articles his or her name, residence, post-office address and the number of shares of stock which he or she agrees to take, and shall acknowledge the same to be his or her act and deed before some officer authorized by the laws of this State to take acknowledgments of deeds.
(d) The articles of association may contain an article which provides that any article or provision thereof shall not be amended, modified, repealed or otherwise changed in any manner whatsoever. Such an article, when approved by the Commissioner under § 729 of this title, shall be valid, binding and enforceable against the corporation and its shareholders notwithstanding any other provision of this title.
38 Del. Laws, c. 94, §  5;  Code 1935, §  2374;  5 Del. C. 1953, §  723;  64 Del. Laws, c. 386, §  1;  70 Del. Laws, c. 186, §  1;