CHAPTER 182

BANKS, SAVINGS SOCIE HES AND TRUST COMPANIES

MAKING IT UNLAWFUL TO SOLICIT OR RECEIVE DEPOSITS

OR PAYMENTS ON INCOME CONTRACTS, ETC.

AN ACT TO AMEND ARTICLE '7 OF CHAPTER 66 OF THE REVISED CODE OF DELAWARE, 1935, RELATIVE TO "BANKS, SAVINGS SOCIETIES AND TRUST COMPANIES," MAKING IT UNLAWFUL TO SOLICIT OR RECEIVE DEPOSITS OR PAYMENTS ON INCOME CONTRACTS, WITHOUT LICENSE FROM STATE BANK COMMISSIONER; NOT TO APPLY TO CERTAIN BUSINESS.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Par. 2360. Sec. 103 of Chapter 66 of the Revised Code of Delaware, 1935, be and the same is hereby amended by striking out the period at the end of the first paragraph of said Section and inserting in lieu thereof a comma, and by adding thereto the following:

nor shall this Article apply to any face amount company as defined under Section 4 of the Investment Company Act of 1940 passed by the Congress of the United States which is registered with the Securities & Exchange Commission and which maintains a deposit or deposits of assets at least equal to all outstanding certificate reserve liabilities as provided by Section 28 (c) of the Investment Company Act of 1940.

Approved June 4, 1949.