RELATING TO BANKING
AN ACT TO AMEND TITLE 5, DELAWARE CODE OF 1953, RELATING TO "BANKING" BY AUTHORIZING THE MANAGERS OR GOVERNING BODY OF SAVINGS BANKS AND SAVINGS ASSOCIATIONS TO SEGREGATE OR ALLOCATE INCOME OR OTHER ASSETS INTO AN IRREVOCABLE TRUST, TO BE USED AND APPLIED TO AND FOR EMPLOYEE RETIREMENT PENSIONS, AND TO AUTHORIZE SAID CORPORATIONS TO ACT AS TRUSTEES OF SAID FUND OR TO APPOINT TRUSTEES THEREFOR.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Title 5, Delaware Code of 1953, relating to Banking is amended by adding at the end of section 931 an additional paragraph as follows:
"For the purpose of paying such pensions, any such Savings Bank or Savings Society may in the discretion of a majority of all the managers or governing board, segregate or allocate funds from its income or other assets and therewith establish, maintain or increase an irrevocable retirement or pension trust. Any bank or society so establishing such a trust may itself act as trustee or may from time to time designate an independent trustee."
Approved July 1, 1953.