CHAPTER 150 - BANKS

AN ACT AUTHORIZING LOANS AND INVESTMENTS BY BANKS, SAVINGS BANKS, TRUST COMPANIES, INSURANCE COMPANIES, AND BUILDING AND LOAN ASSOCIATIONS, IN LOANS, MORTGAGES, DEBENTURES AND SECURITIES ISSUED PURSUANT TO THE PROVISIONS OF AN ACT OF CONGRESS KNOWN AS THE NATIONAL HOUSING ACT, APPROVED BY THE PRESIDENT OF THE UNITED STATES JUNE 27, 1934.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of all members elected thereto concurring):

Section 1. Banks, Savings Banks, Trust Companies, in their individual but not in their fiduciary capacity, Building and Loan Associations, and Insurance Companies, subject to the laws of this State, are hereby authorized and empowered to make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance pursuant to Title I, Section 2 of An Act of Congress known as the National Housing Act, approved by the President of the United States June 27, 1934, and to obtain such insurance; and to make such loans, secured by real property or leasehold, as the Federal Housing Administrator insures or makes a commitment to insure pursuant to Title II of the said National Housing Act, and to obtain such insurance.

Section 2. The mortgages, debentures and other securities herein made eligible for investment may be used as security for any depository bond or obligation wherein any kind of bonds or other securities are required or may by law be deposited as security.

Section 3. If any section, sub-section, sentence, clause or phrase of this Act be for any reason held to be unconstitutional, such holding shall not affect the validity of the remaining portion of this Act. The General Assembly hereby declares that it would have passed this Act and each section, sub-section, sentence, clause and phrase thereof separately and irrespective of the fact that any one or more of the sections, sub-sections, sentences, clauses or phrases be unconstitutional.

Approved April 18, 1935.