CHAPTER 381

RELATING TO BANKING INCORPORATORS

AN ACT TO AMEND TITLE 5, DELAWARE CODE, RELATING TO REGULATIONS GOVERNING BUSINESS OF BANKS AND TRUST COMPANIES BY PROVIDING THAT ANY BANKING CORPORATION MAY IN ITS CERTIFICATE OF INCORPORATION, CONFER UPON THE DIRECTORS THE POWER TO MAKE, ALTER OR REPEAL BY-LAWS SUBSEQUENT TO THE ADOPTION OF ITS FIRST SET OF BY-LAWS AT THE MEETING OF ITS INCORPORATORS.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. § 741 Chapter 7, Title 5, of the Delaware Code, is amended to read as follows:

§ 741. By-Laws, adoption, amendment and repeal

A corporation may adopt by-laws for the proper management of its affairs, and may establish regulations controlling the assignment and transfer of its shares. The first set of bylaws shall be adopted at the meeting of the incorporators, as provided in Section 727 of this title, but thereafter the power to make, alter or repeal by-laws shall be in the stockholders, provided that any corporation may, in the certificate of incorporation, confer that power upon the directors.

Approved July 1, 1955