reglab/statecodes huggingface dataset:
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter II. Formation of a Savings Bank › § 1631. Commencement of corporate existence.

§ 1631. Commencement of corporate existence.
Upon the issuance of the certificate of incorporation by the Secretary of State and the recording of the certificate and articles of organization as provided in § 1630 of this title, the persons named in the certificate, their successors and assigns shall, from the date of the certificate, be and constitute a body corporate, for the purposes and by the name set forth in the certificate, subject to dissolution or the revocation or forfeiture of the franchise under this chapter or under this Code or any other statute of this State relating to the dissolution of or to the revocation or forfeiture of the charter or franchise of banks or trust companies; but the corporation shall not have the right to do any business until it has secured from the State Bank Commissioner of this State the certificate provided for in § 1632 of this title.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter II. Formation of a Savings Bank › § 1632. Commencement of business; certificate authorizing.

§ 1632. Commencement of business; certificate authorizing.
(a) A certified copy of the certificate of incorporation and of the articles of organization and the endorsement of the approval of the State Bank Commissioner shall be filed with the State Bank Commissioner.
(b) (1) If the corporation is to be authorized to issue capital stock, when the whole capital stock has been issued, a list of the stockholders, with the name, residence and post-office address of each and the number of shares held by each shall be filed with the State Bank Commissioner, which list shall be certified by the president and the cashier or treasurer of the corporation. Upon receipt of the list, the Commissioner shall cause an examination to be made of the method of payment of the capital stock and if, after such examination, it appears that the whole capital stock has been paid in cash and that all requirements of this Code and any other law have been complied with, the Commissioner shall issue a certificate authorizing the corporation to begin the transaction of business.
(2) If the corporation is not to have authority to issue capital stock, an aggregate minimum dollar amount and number of savings accounts shall be subscribed for and paid in cash, as determined by the Commissioner, which payment shall be certified by the president and the cashier or treasurer of the corporation. Upon receipt of the foregoing certification of payment, the Commissioner shall cause an examination to be made of the subscription and payment of such savings accounts and if, after such examination, it appears that the requisite dollar amount and number of savings accounts have been subscribed for and paid in cash and that all the requirements of this Code and any other law have been complied with, the Commissioner shall issue a certificate authorizing the corporation to begin the transaction of business.
(c) No corporation shall begin the transaction of business until a certificate has been granted by the Commissioner in accordance with subsection (b) of this section.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter II. Formation of a Savings Bank › § 1633. Revocation of charter for failure to commence business within reasonable time.

§ 1633. Revocation of charter for failure to commence business within reasonable time.
Every corporation created under this chapter shall, after the expiration of a reasonable time from the date of its incorporation, as determined by the State Bank Commissioner, be actively engaged in the business for which it was created or its certificate of incorporation and corporate franchise shall be deemed and held to be revoked. The Commissioner shall by regulations prescribe the criteria to be applied in determining what constitutes a reasonable period of time.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter II. Formation of a Savings Bank › § 1634. Fees of Secretary of State and Commissioner.

§ 1634. Fees of Secretary of State and Commissioner.
The following fees shall be collected by and paid to the Secretary of State, for the use of the State:
(1) For making and issuing the certificate of incorporation, $11.50;
(2) For making the certified copy of the articles of association, $11.50;
(3) For making the certified copy of the certificate of incorporation to be kept on file in the office of the Secretary of State and for filing and indexing the same and the articles of association in said office, $5.75;
(4) For supplying any additional certified copy of the certificate of incorporation or articles of association requested by the corporation, $5.75.
Before issuing the certificate authorizing the corporation to begin the transaction of business, the State Bank Commissioner shall collect from the corporation, for the use of the State, the sum of $5,750. In addition the applicant shall pay an investigation fee of $1,150, which shall not be refundable and shall be submitted with the application.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1641. Bylaws, adoption, amendment and repeal.

§ 1641. Bylaws, adoption, amendment and repeal.
A corporation may adopt bylaws for the proper management of its affairs and may establish regulations controlling the assignment and transfer of its shares. The first set of bylaws shall be adopted at the meeting of the incorporators, as provided in § 1626 of this title, but thereafter the power to make, alter or repeal bylaws shall be in the stockholders or members of the corporation, provided that any corporation may, in the certificate of incorporation, confer that power upon the directors.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1642. Directors; number, quorum, term, vacancies and oath.

§ 1642. Directors; number, quorum, term, vacancies and oath.
(a) The business of every corporation organized under this chapter shall be managed by a board of directors. The number of directors which shall constitute the whole board shall be such as may be specified in the articles of association, but in no case shall the number be less than 5. The bylaws shall prescribe how many directors shall constitute a quorum for the transaction of business.
(b) The directors elected at the organization meeting of the incorporators, as provided in § 1626 of this title, shall hold office until the succeeding annual meeting of the stockholders or members and until their successors have been duly chosen and qualified, and thereafter directors shall be elected at the annual meeting of the stockholders or members or at an adjournment of the annual meeting. Vacancies in the board of directors shall be filled by a majority of the remaining directors, though less than a quorum, and the directors so chosen shall hold office until the next annual election and until their successors shall be duly elected and qualified.
(c) Every director shall be sworn to the faithful performance of the director's duties.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1643. Stockholders' meetings; time, place, adjournment and quorum.

§ 1643. Stockholders' meetings; time, place, adjournment and quorum.
(a) Meetings of stockholders (except the meeting of incorporators referred to in § 1626 of this title) shall be held in this State. The bylaws shall fix the time of the annual meeting and may provide for special or called meetings of stockholders.
(b) Any meeting of the stockholders may be adjourned and at such adjourned meeting, any business may be transacted that could have been acted on at the meeting which was adjourned.
(c) The bylaws may prescribe what number of shares shall be represented at any stockholders' meeting to constitute a quorum, but in the absence of such a provision, any number of shares represented at a stockholders' meeting shall be sufficient for the transaction of business thereat.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1644. Voting rights of stockholders.

§ 1644. Voting rights of stockholders.
Each stockholder shall, at every meeting of the stockholders, be entitled to 1 vote in person or by proxy for each share of the capital stock held by such stockholder on all issues on which such stockholder is entitled to vote. No stock shall be voted which shall have been transferred on the books of the corporation within 20 days next preceding the stockholders' meeting.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1645. Capital stock; minimum required.

§ 1645. Capital stock; minimum required.
The capital stock of a savings bank organized under this chapter shall be as follows:
not less than $500,000 if the savings bank is located in a city or town having a population of more than 50,000 persons; not less than $350,000 if the savings bank is located in a city or town of not more than 50,000 nor less than 5,000 persons; and not less than $250,000 if the savings bank is located in a town of not more than 5,000 persons; or such greater amount as the Commissioner may require after review of the charter, business plan and proposed activities of the savings bank. In addition to the capital stock required by the foregoing, every corporation organized under this chapter shall have a paid-in surplus account equal to no less than one-half of the minimum capital stock required by this section. The minimum capital stock and paid-in surplus required to be maintained by such corporation in its savings bank business pursuant to this section may not be utilized to satisfy the capital or reserve requirements to which the corporation may be subject with respect to any activity authorized by § 1661(a)(14) of this title.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1646. Par value of stock; payment for and issuance; increase and reduction.

§ 1646. Par value of stock; payment for and issuance; increase and reduction.
The capital stock shall be divided into shares of a stated par value. No business shall be transacted by the corporation until the whole amount of its capital stock is subscribed for and actually paid in in cash. No stock shall be issued by any corporation until the par value thereof shall be fully paid in in cash. Any corporation may, subject to the approval of the State Bank Commissioner, increase or reduce its capital stock in the manner hereinafter provided. In the case of a reduction, the capital stock shall not be reduced to less than the amount required by § 1645 of this title.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1647. Stockholders' liability.

§ 1647. Stockholders' liability.
The private property of the stockholders shall not be subject to the payment of the corporate debts except as otherwise provided in the articles of association.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1648. Dividends.

§ 1648. Dividends.
The directors of a savings bank may declare dividends on common or preferred stock of so much of the net profits of the corporation as they shall judge expedient; but the corporation shall, before the declaration of a dividend on common stock from the net profits, carry 50% of its net profits of the preceding period for which the dividend is paid to its surplus fund until the same shall amount to 50% of its capital stock, and thereafter shall carry 25% of its net profits of the preceding period for which the dividend is paid to its surplus fund until the same shall amount to 100% of its capital stock.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1649. Meetings of members of nonstock corporations; voting rights; time, place, adjournment and quorum.

§ 1649. Meetings of members of nonstock corporations; voting rights; time, place, adjournment and quorum.
(a) Unless otherwise provided in the certificate of incorporation of a nonstock corporation, each member shall be entitled at every meeting of members to 1 vote in person or by proxy.
(b) Meetings of members of nonstock corporations (except the meeting of incorporators referred to in § 1626 of this title) shall be held in this State. The bylaws shall fix the time of the annual meeting and may provide for special or called meetings of members.
(c) Any meeting of the members may be adjourned and at such adjourned meeting, any business may be transacted that could have been acted on at the meeting which was adjourned.
(d) The bylaws may prescribe what number or participation of members shall be represented at any meeting to constitute a quorum, but in the absence of such a provision, any number or participation of members represented at a meeting shall be sufficient for the transaction of business thereat.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter III. Conduct of Internal Corporate Affairs › § 1650. Amendment of charter.

§ 1650. Amendment of charter.
(a) Savings banks organized under this chapter shall amend their certificates of incorporation by and under this section.
(b) Any savings bank may, from time to time, when and as desired, amend its certificate of incorporation relating to the regulation and governance of corporations established under Title 8, where the same are not inconsistent with the express provisions of this chapter, including, but not limited to, addition to its corporate powers and purposes or diminution thereof, or both (provided such additional corporate power or purpose to be such as is authorized or contemplated under any of the provisions of this chapter); or, if organized as a stock corporation, by increasing or decreasing its authorized capital stock (provided that such increase or decrease be expressly approved by the State Bank Commissioner, and provided also that the capital stock shall not be reduced below the amount prescribed by § 1645 of this title as capital stock for a corporation organized under this chapter); by changing the number or par value of its shares of stock; or by changing its corporate title; and by increasing or decreasing its number of directors (provided that in no case shall the whole number of directors be less than 5). Any or all such changes or alterations may be effected by 1 certificate of amendment. No amendment shall contain a provision which would not have been lawful and proper to insert in an original certificate of incorporation granted or issued under this chapter. In the case of an increase of capital stock, the amendment may provide that the increased stock may, in whole or in part, be disposed of without being offered to the stockholders, but in no case shall any stock be issued except upon payment in full in cash.
(c) The procedure for amendment and the manner of making and effecting the same shall be as prescribed in Chapter 1 of Title 8 for the amendment of the certificate of incorporation of a corporation. No certificate of amendment shall be received or filed by the Secretary of State or be deemed or held to be effective unless and until the proposed certificate of amendment shall have been submitted to the State Bank Commissioner and shall have been approved both in substance and in form by the Commissioner.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter IV. Powers and Prohibitions › § 1663. Loans on security of and purchase of its own capital stock.

§ 1663. Loans on security of and purchase of its own capital stock.
No corporation established under this chapter shall directly or indirectly make a loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. The stock so purchased or acquired shall, within 6 months after its purchase or acquisition, be sold or disposed of at public or private sale. Notwithstanding the foregoing, the Commissioner may approve the purchase by such a corporation of the shares of its own capital stock, subject to such terms and conditions, if any, as the Commissioner may require.
71 Del. Laws, c. 25, §  35;  80 Del. Laws, c. 1, §  3;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter IV. Powers and Prohibitions › § 1664. Conversion of a nonstock savings bank to a stock savings bank.

§ 1664. Conversion of a nonstock savings bank to a stock savings bank.
Subject to the approval of the Commissioner, a savings bank may convert from a nonstock to a stock form of organization in accordance with such regulations, orders or procedures as may be established or issued by the Commissioner. Such orders and procedures shall be similar in scope and content to, and comply in all material respects with, the mutual-to-stock conversion regulations of the federal insurer of deposits, as currently in effect at the time the nonstock savings bank applies to the Commissioner for approval of the proposed conversion; provided, that conformity with the regulatory requirements imposed by the federal insurer of deposit accounts will not be sufficient for state regulatory purposes if the Commissioner determines that the proposed conversion would pose a risk to the savings bank's safety and soundness, violate any law or regulation, or present a breach of fiduciary duty.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 16. CORPORATION LAW FOR STATE SAVINGS BANKS › Subchapter IV. Powers and Prohibitions › § 1665. Reorganization as a mutual holding company.

§ 1665. Reorganization as a mutual holding company.
Subject to the approval of the State Bank Commissioner, a nonstock savings bank may reorganize so as to become a mutual holding company and, in connection with such reorganization, form a stock savings bank subsidiary of the holding company in accordance with such regulations, orders or procedures as may be established or issued by the Commissioner. Any regulations, orders and procedures established or issued by the Commissioner pursuant to this section shall be similar in scope and content to, and comply in all material respects with, the mutual holding company regulations for savings associations of the Office of Thrift Supervision (or any successor federal banking agency) as currently in effect at the time the nonstock savings bank applies to the Commissioner for approval of the proposed holding company reorganization; provided, that the Commissioner may exempt the savings bank from any regulatory requirement imposed by such Office of Thrift Supervision regulations, including, but not limited to, any requirement that the mutual holding company formation be approved by the nonstock savings bank's depositors; and provided further, that conformity with the regulatory requirements imposed by the Office of Thrift Supervision will not be sufficient for state regulatory purposes if the Commissioner determines that the proposed formation of the mutual holding company would pose a risk to the savings bank's safety and soundness, violate any law or regulation or present a breach of fiduciary duty. Any issuance of stock in the newly-formed savings bank subsidiary of said mutual holding company to any person or entity other than the mutual holding company shall be conducted in accordance with the requirements and procedures for a mutual-to-stock conversion of a savings bank as prescribed by § 1664 of this title.
71 Del. Laws, c. 25, §  35;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter I. General Provisions › § 1701. Definitions.

§ 1701. Definitions.
For the purpose of this Code and any other laws of this State relating to building and loan associations, unless otherwise specifically defined, or another intention clearly appears, or the context requires a different meaning:
(1) “Association” means a building and loan association.
(2) “Borrower” means one who borrows from a building and loan association and may include a stockholder of such association or a nonstockholder.
(3) “Building and loan association” means any corporation, person, firm, partnership, association, trustee or combination of persons whatsoever, within the purview of this chapter and includes savings and loan associations.
(4) “Fines” means a penalty imposed for the nonpayment of dues and interest when due.
(5) “Full paid plan” refers to the provisions in the charter, constitution, bylaws, declaration of trust, contract, agreement, or other device authorizing the issuance of full paid stock in either installments or otherwise, or any other evidence of money paid to or deposited with a building and loan association, and which may or may not have a definite maturity, but may be withdrawn upon required notice served by the member, and upon which the association may declare periodical dividends.
(6) “Guaranteed loan” means a loan that is guaranteed under the Servicemen's Readjustment Act of 1944.
(7) “Insured loan” means a loan that is insured, or as to which the mortgagee is insured, or as to which a commitment for any insurance has been made under either the National Housing Act [12 U.S.C. § 1701 et seq.], or the former Servicemen's Readjustment Act of 1944, as those acts are now, or may hereafter be, amended.
(8) “Membership fee” means a fee to be paid by the stockholder upon subscribing for shares of stock.
(9) “Premiums” means a sum paid by the borrower over and above the legal rate of interest charges for any loan.
(10) “Serial plan” refers to the provisions in the charter, constitution, bylaws, declaration of trust, contract, agreement or other device authorizing the issuance of serial stock in either quarterly, semiannual or annual series and which requires members or customers to pay regular installments to a common fund or series, from which fund or series loans are made to members, customers, or to others, and which contemplates maturity of the series by adding together the amount paid in by members and profits earned.
32 Del. Laws, c. 107, §  3;  33 Del. Laws, c. 112, §  1;  Code 1935, §  2338;  43 Del. Laws, c. 136, §  1;  5 Del. C. 1953, §  1701;  50 Del. Laws, c. 218, §  1;  56 Del. Laws, c. 328, §§  1, 2;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter I. General Provisions › § 1702. Application of chapter; exception.

§ 1702. Application of chapter; exception.
(a) This chapter shall apply to and be enforceable against all corporations, persons, firms, partnerships, associations, trustees or combinations of persons, which or who transact, or attempt to transact, a building and loan business, or a business of like kind or character, or where, by its or their charter, constitution, bylaws, or by a declaration of trust, or other device, or by a contract or agreement the members or customers are required to pay regular installments to a common fund or series, from which fund or series loans are made to members, customers, or others for the purpose of building homes or buildings, purchasing building sites, paying off liens or debts against real estate, or for other purposes, within the boundaries of this State.
(b) This chapter shall be applicable to all persons, associations, copartnerships or corporations who shall, by violating this chapter, become subject to the penalties provided herein.
(c) This chapter shall not apply or have any relation to building and loan associations incorporated under the general corporation laws of this State which do not transact, or attempt to transact, business within the boundaries of this State.
(d) Nothing in this chapter shall be construed to affect the legality of investments made prior to April 7, 1921, or be deemed to impair the rights, privileges and powers contained in the charter or certificate of incorporation of any corporation organized prior to April 7, 1921; and vested rights acquired under statutes in effect prior to April 7, 1921 and actually existing and enjoyed on that date shall not be divested or disturbed.
32 Del. Laws, c. 107, §§  1, 2, 23;  Code 1935, §§  2336, 2337, 2358;  5 Del. C. 1953, §  1702;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter I. General Provisions › § 1703. Supervision and examination of association by Commissioner.

§ 1703. Supervision and examination of association by Commissioner.
(a) Every building and loan association having an office or place of business in this State and transacting business in this State shall be subject to the supervision and examination of the State Bank Commissioner, and shall be examined by the Commissioner as frequently as deemed necessary or expedient. On the occasion of every examination under this section, the Commissioner shall in company with 1 or more of the officers of the association visited be given access to every part of the office or place of business visited and to the assets, securities, books and papers of the association.
(b) Any examination under this chapter may be made by the Commissioner in person or by the Commissioner's deputy, or the Commissioner's clerk, or by special persons designated by the Commissioner, when so authorized by the Commissioner and acting under the Commissioner's orders. Before proceeding with the examination of any association, the person conducting the examination shall, if required, exhibit to the officers of the association satisfactory evidence of such person's authority to make the examination.
(c) The examination required by this section shall be a thorough examination into the affairs of the association visited, its resources and liabilities, the investment of its funds, the mode of conducting its business, the safety and prudence of its management, the acts of its officers, directors or trustees, and its compliance or noncompliance with its charter and bylaws and of this Code and any other statutes of the State.
(d) In connection with any examination under this section, the Commissioner may examine, under oath or affirmation, the officers, directors or trustees, and the employees, of the association, relative to its affairs, and, for this purpose, the Commissioner may administer oaths or affirmations.
(e) Notwithstanding any other provision of this title, a building and loan association with less than $2,000,000 in assets shall be charged no more than the cost of 5 examiner work days for an examination under this section. For the purposes of this section, an examiner work day is the calculated daily rate of pay for an examiner.
32 Del. Laws, c. 107, §  22;  Code 1935, §  2357;  46 Del. Laws, c. 252, §  1;  5 Del. C. 1953, §  1703;  68 Del. Laws, c. 105, §  3;  70 Del. Laws, c. 186, §  1;  72 Del. Laws, c. 15, §  24;  84 Del. Laws, c. 42, § 63;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter I. General Provisions › § 1704. Exemption from examination by Commissioner.

§ 1704. Exemption from examination by Commissioner.
A building and loan association which shall be examined by a certified public accountant may be exempted from examination by the Commissioner, and an examination by a certified public accountant may be accepted by the Commissioner as a sufficient compliance with the requirements of this chapter with respect to examinations. In any such case, a certified report of the examination made by the certified public accountant, shall be filed in the office of the Commissioner.
32 Del. Laws, c. 107, §  22;  Code 1935, §  2357;  5 Del. C. 1953, §  1704;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter I. General Provisions › § 1705. Annual report to Commissioner.

§ 1705. Annual report to Commissioner.
(a) Every building and loan association existing under this Code or any other law of this State or any other state, and doing business within the boundaries of this State, shall annually, at the end of its fiscal year, furnish to the State Bank Commissioner, a detailed statement of its condition at the close of its last fiscal year, giving a full detailed statement showing the gross amount of dues, interest, premiums, fines, repayments and other funds received and collected by the association for the last fiscal year, and the amount of its earnings, and its aggregate assets and liabilities at the close of the fiscal year and any other information that the Commissioner may request. The statement shall be verified by the oath or affirmation of the president and secretary, duly administered by some person authorized by the laws of the State to administer oaths. The Commissioner may, 1 time within every fiscal year of any building and loan association existing under the laws of this State or any other state, and doing business within the boundaries of this State, require any such association to issue, as a part of the annual statement of the association, a list by book number, of all accounts in arrears or in advance, or in the case of associations of the kind commonly designated and described as being organized under the permanent or Dayton plan, may require the confirmation of the accounts of all members. The confirmation shall set forth the credit balance of each of the members as the same is shown upon the books of the building and loan association upon a day selected by the Commissioner. The expense of issuing the list shall be paid entirely by each individual association.
(b) Every building and loan association doing business in this State, created by the laws or regulations of any other state or federal agency, shall furnish a statement which sets forth the amount of assets held by the association in this State, and the amount of liabilities due shareholders residing in this State and submit a copy of its annual report at the end of each fiscal year.
32 Del. Laws, c. 107, §§  11, 12;  37 Del. Laws, c. 133, §  3;  Code 1935, §§  2346, 2347;  5 Del. C. 1953, §  1705;  68 Del. Laws, c. 105, §  4;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter I. General Provisions › § 1706. Publication of statement of assets and liabilities.

§ 1706. Publication of statement of assets and liabilities.
The State Bank Commissioner may require annually at the end of its fiscal year, the publication of a report by a building and loan association in 1 issue of a newspaper located within the county in which it has its office, showing in detail the assets and liabilities at the close of its fiscal year; and the expense of such publication shall be paid by the association.
32 Del. Laws, c. 107, §  14;  Code 1935, §  2349;  5 Del. C. 1953, §  1706;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter I. General Provisions › § 1708. Exemption from operation of attachment laws.

§ 1708. Exemption from operation of attachment laws.
No building and loan association authorized to do business under this Code or any other law of this State shall be subject to the operations of the attachment laws of this State, as provided in the case of individuals.
32 Del. Laws, c. 107, §  3;  33 Del. Laws, c. 112, §  1;  Code 1935, §  2338;  43 Del. Laws, c. 136, §  1;  5 Del. C. 1953, §  1708;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter I. General Provisions › § 1709. Unsound condition of association or unauthorized conduct of business; receivership and other remedial proceedings.

§ 1709. Unsound condition of association or unauthorized conduct of business; receivership and other remedial proceedings.
(a) Proceedings may be instituted against any building and loan association doing business within the boundaries of this State, whenever it appears to the State Bank Commissioner that the affairs of any building and loan association are in an unsound condition because of illegal or unsafe investments, or that its liabilities exceed its assets, or that it is transacting business without authority or in violation of law, or that it is unsafe or inexpedient for the association to continue business.
(b) The Attorney General, on notice by the State Bank Commissioner, shall institute such proceedings against the building and loan association as the nature of the case may require. For any of the reasons mentioned in this section the State Bank Commissioner may forthwith take possession of the building and loan association's property and business and retain such possession until the termination of the action or proceeding instituted by the Attorney General, or until the appointment of a receiver by due process of law.
(c) The receiver to be appointed in a proceeding under this section shall be the State Bank Commissioner or, in his or her absence or disability, the Deputy Bank Commissioner. Neither of those officials shall receive any extra compensation for acting as receiver. The Court may vest the receiver with full power and authority to borrow such sum or sums of money as the Court determines in order the more readily or expeditiously to settle the affairs of the building and loan association and/or to make payments to its creditors, depositors or shareholders. Such borrowing may be from any public or governmental or quasi-public or quasi-governmental corporation, board, commission or other agency or from any source whatsoever, and the Court may authorize the receiver to secure any loan by the pledge of any of the property or assets of the building and loan association, and to give the lender a preference as to the pledged property and assets over the creditors of the building and loan association.
32 Del. Laws, c. 107, §  16;  Code 1935, §  2351;  44 Del. Laws, c. 135, §  1;  5 Del. C. 1953, §  1709;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter I. General Provisions › § 1710. Violations and penalties.

§ 1710. Violations and penalties.
Any building and loan association wilfully violating or failing to observe and comply with this chapter shall be subject to a penalty of not less than $100 for each violation thereof, and for each failure to observe and comply with this chapter. Any building and loan association which neglects or refuses to pay and discharge the amount of the penalty shall have its authority to transact business in this State revoked by the State Bank Commissioner. Such revocation shall continue, and the building and loan association shall not again be authorized or permitted to transact business in this State until the association has paid the amount of the penalty.
32 Del. Laws, c. 107, §  20;  Code 1935, §  2355;  5 Del. C. 1953, §  1710;  68 Del. Laws, c. 105, §  6;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter II. License to Do Business › § 1721. Requirement of license.

§ 1721. Requirement of license.
No person shall engage in the business of a building and loan association, or a business similar to that of a building and loan association, within the limits of the State until a license has been obtained or the registration requirements fulfilled as provided in this subchapter.
32 Del. Laws, c. 107, §  9;  37 Del. Laws, c. 133, §  2;  Code 1935, §  2344;  5 Del. C. 1953, §  1721;  68 Del. Laws, c. 105, §  8;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter II. License to Do Business › § 1722. Annual license fees.

§ 1722. Annual license fees.
Every building and loan association created under this Code or any other law of this State, and doing business in this State, shall pay to the State Bank Commissioner, for the use of the State, at the time of filing its annual report, an annual license fee of $115. Every building and loan association, or a business similar to that of a building and loan association, created under the laws or regulations of any other state or federal agency and doing business within the boundaries of this State shall pay to the State Bank Commissioner, for the use of the State, at the time of filing its annual report, an annual registration fee of $575.
32 Del. Laws, c. 107, §  10;  Code 1935, §  2345;  5 Del. C. 1953, §  1722;  60 Del. Laws, c. 268, §§  10, 11;  67 Del. Laws, c. 260, §  1;  68 Del. Laws, c. 105, §  9;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter II. License to Do Business › § 1723. Application for license generally; grounds for refusal; fee upon approval of application; investigation fee; moratorium upon issuance.

§ 1723. Application for license generally; grounds for refusal; fee upon approval of application; investigation fee; moratorium upon issuance.
(a) Every person, desiring to obtain a license under this chapter, shall file with the Commissioner an application in writing in such form as may be prescribed by the Commissioner, which application must demonstrate public convenience and advantage which will be satisfied by the approval of such application. Before a license shall be issued by the Commissioner, the Commissioner shall make, or cause to be made, an investigation of the condition and affairs of the applicant and its general plan of operation. The Commissioner shall investigate the moral character and general fitness of the applicant, if an individual, and of the members of a partnership or association, and of the directors, managers, trustees, and other officers of every applicant, to discharge the duties reposed in them, and may examine any or all of them under oath. The Commissioner shall require the applicant to enter into written agreement with him or her for a business plan, describing the management, operations and investments. The business plan shall include financial projections of the proposed licensee for the first 3 years of operation and the plan, as a minimum, shall conform with the requirements of 12 C.F.R. § 571.6(b) as existing on the effective date hereof. Unless the State Bank Commissioner is satisfied as to the character and general fitness of the managing officers of the applicant to honestly and efficiently carry on its business, and that the plan of operation is financially and mathematically sound, and that the contracts or obligations issued or to be issued are practicable and possible of fulfillment, and of such nature as to insure the repayment of the principal amount or amounts actually paid in by the subscriber or purchaser, together with a reasonable profit or accumulation of interest within a reasonable time after notice and demand by the subscriber or purchaser, and is equitable and nonoppressive, the Commissioner shall refuse the license, and forthwith notify the applicant of such refusal, and specify in the notice the cause or causes thereof.
(b) An applicant shall pay to the office of the State Bank Commissioner a fee of $1,150 for use of the State upon approval of the application. In addition, the applicant shall pay an investigation fee of $575 which shall not be refundable and shall be submitted with the application.
(c) No new license required under § 1721 of this title shall be issued after July 15, 1991.
32 Del. Laws, c. 107, §  18;  33 Del. Laws, c. 112, §  2;  Code 1935, §  2353;  5 Del. C. 1953, §  1723;  60 Del. Laws, c. 268, §  12;  65 Del. Laws, c. 13, §  3;  67 Del. Laws, c. 260, §  1;  68 Del. Laws, c. 105, §  10;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter II. License to Do Business › § 1724. Issuance of license; term.

§ 1724. Issuance of license; term.
If it appears from the annual statement filed with the State Bank Commissioner, that a building and loan association is in a safe or solvent condition, is transacting business in compliance with the law, and payment of the annual renewal license or registration fee as prescribed in § 1722 of this title has been made, then the Commissioner shall issue to the association a license authorizing it to transact its business in this State for 1 year from the date thereof unless the Commissioner deems it necessary, for the protection of the shareholders of the association, or of the public, to sooner revoke the same, which the Commissioner is empowered to do.
32 Del. Laws, c. 107, §  13;  Code 1935, §  2348;  5 Del. C. 1953, §  1724;  68 Del. Laws, c. 105, §  11;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter II. License to Do Business › § 1725. Revocation or withholding of license.

§ 1725. Revocation or withholding of license.
If any building and loan association violates this chapter, or any law of the State, the State Bank Commissioner may revoke or withhold its license to do business.
32 Del. Laws, c. 107, §  17;  Code 1935, §  2352;  5 Del. C. 1953, §  1725;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter II. License to Do Business › § 1726. Penalty for doing business without license.

§ 1726. Penalty for doing business without license.
Whoever, being an agent or officer of any building and loan association which has not obtained authority to do business in this State under this chapter, or the authority of which has been revoked by the State Bank Commissioner, solicits or carries on business for the association in this State, shall be fined not less than $25 per violation.
32 Del. Laws, c. 107, §  21;  Code 1935, §  2356;  5 Del. C. 1953, §  1726;  68 Del. Laws, c. 105, §  12;  72 Del. Laws, c. 15, §  25;
2023 Delaware Code › Title 5 - Banking › Chapter 17. REGULATION › Subchapter II. License to Do Business › § 1727. Insurance required.

§ 1727. Insurance required.
A building and loan association whose total assets exceed $15,000,000 or registered office of an association created under the laws of any other state may not engage in business within this State unless its shares, savings accounts, savings certificates, and other types of share or deposit accounts offered are federally insured. Before an institution which is not federally insured receives funds from a new shareholder, investor, member, subscriber, or depositor, the institution shall obtain the signature of such person on a disclosure, on a form approved by the State Bank Commissioner, advising such person that the funds deposited with that institution are not federally insured.
65 Del. Laws, c. 13, §  1;  67 Del. Laws, c. 55, §  3;  68 Del. Laws, c. 105, §  13;  69 Del. Laws, c. 40, §§  1, 2;  72 Del. Laws, c. 15, §  26;  74 Del. Laws, c. 4, §  1;  75 Del. Laws, c. 181, §  1;  82 Del. Laws, c. 12, § 1;  83 Del. Laws, c. 345, § 1;
2023 Delaware Code › Title 5 - Banking › Chapter 18. TAXATION › § 1801. Annual franchise tax; rate of taxation.

§ 1801. Annual franchise tax; rate of taxation.
(a) A franchise tax is hereby imposed on the “taxable income” of building and loan associations (computed on a basis that consolidates with the income of such building and loan association for the tax year involved, the income of all subsidiary corporations of such building and loan organization in accordance with generally accepted accounting principles). The “taxable income” on which such tax is imposed shall be equal to the product of (1) and (2) as follows:
(1) Net operating income before taxes reduced by:
a. That portion of net operating income before taxes verifiable by documentary evidence from any subsidiary or branch which is (i) otherwise subject to income taxation under Delaware law, or (ii) derived from business activities carried on outside the State and subject to income taxation under the laws of another state;
b. The gross income derived from international banking transactions (as defined in § 101 of this title) after subtracting therefrom any expenses or deductions attributable thereto;
c. The gross income of an international banking facility (as defined in § 101 of this title) less any expenses or other deductions attributable thereto;
d. The interest income from obligations of volunteer fire companies; and
e. Any examination fee paid to the Office of the State Bank Commissioner pursuant to § 127(a) of this title.
(2) Multiplied by the factor .56.
(b) A franchise tax is hereby imposed on the “taxable income” of building and loan associations not headquartered in this State but maintaining branches in this State, verifiable by documentary evidence. The “taxable income” on which tax is imposed shall be equal to the net operating income of the branch or branches located in Delaware, reduced by the interest income from obligations of volunteer fire companies.
(c) The rate of tax upon the taxable income of building and loan associations shall be as follows:
8.7% of the amount of net operating income not in excess of $20,000,000; 6.7% of the amount of net operating income in excess of $20,000,000 but not in excess of $25,000,000; 4.7% of the amount of net operating income in excess of $25,000,000 but not in excess of $30,000,000; 2.7% of the amount of net operating income in excess of $30,000,000.
(d) Any entity taxable under this section is eligible for tax credits in accordance with the Historic Preservation Tax Credit Act (subchapter II, Chapter 18, Title 30), which credits shall be against any taxes imposed under this chapter; provided, however, that all claimed credits are accompanied by a Certificate of Completion issued by the Delaware State Historic Preservation Office certifying that such credits have been earned in compliance with that act.
59 Del. Laws, c. 434, §  2;  61 Del. Laws, c. 78, §  1;  68 Del. Laws, c. 303, §  34;  73 Del. Laws, c. 6, §  5;