PROVIDING FOR SALE OF NATIONAL BANK OF SMYRNA STOCK
AN ACT PROVIDING FOR THE SALE OF 114 SHARES OF THE CAPITAL STOCK OF THE NATIONAL BANK OF SMYRNA, OWNED BY THE STATE OF DELAWARE,
WHEREAS, the State of Delaware owns 114 shares of the capital stock of The National Bank of Smyrna; and
WHEREAS, the Board of Directors of the bank have requested the General Assembly to authorize and direct the sale of said shares, giving as their reasons for such request that the bank receives no deposits or other business from the State and that it would be greatly to the interest of the bank if such shares were owned by the public, where they would change ownership from time to time and not remain "frozen", as in the continued ownership of the State; and
WHEREAS, the General Assembly desires to favor such request; NOW, THEREFORE,
Be it enacted by the General Assembly of the State of Delaware:
Section 1. The Governor and the State Treasurer are hereby authorized and directed to sell the 114 shares of stock of The National Bank of Smyrna owned by the State of Delaware at public auction to the highest bidder, after notice of such sale is given as the Governor and State Treasurer shall deem necessary and proper; and the Governor and the State Treasurer are hereby authorized to assign and transfer the said shares of stock to the purchaser or purchasers thereof and to execute in the name of the State all appropriate instruments in writing to effectuate such transfer. The proceeds received from the sale thereof shall be deposited by the State Treasurer in the General Fund of the State of Delaware.
Approved May 25, 1955.