CHAPTER 141 - SAVINGS BANKS AND SAVINGS SOCIETIES

AN ACT TO AUTHORIZE SAVINGS BANKS AND SAVINGS SOCIETIES TO PENSION THEIR OFFICERS, CLERKS AND OTHER EMPLOYEES.

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

Section 1. Savings Banks and Savings Societies, subject to the Laws of this State, may, in the discretion of a majority of all the Managers or Governing Board, retire any officer, clerk or other employee, who shall have served the Savings Bank or Savings Society for a period of thirty years or more, or who shall have served the Savings Bank or Savings Society for a period of ten years or more and shall have become incapacitated, or who shall have served the Savings Bank or Savings Society for a period of twenty years or more and shall have attained the age of sixty years. Any person retired from service pursuant to this Section may be paid an annual pension, in equal monthly installments. The maximum pension paid shall in no case exceed sixty per centum of the average annual salary for the three years preceding retirement. The discretion of the Managers, or Governing Board, as to the time of payments, the amount of payments, and the duration of payments, within the maximum amounts allowed under this Section, shall at all times be absolute and final.

Approved February 20, 1941.