AN ACT TO FURTHER AMEND AN ACT ENTITLED "AN ACT TO RENEW THE ACT TO INCORPORATE THE ARTISANS' SAVINGS BANK AND THE ACTS SUPPLEMENTARY THERETO", BY PROVIDING FOR AN INCREASE IN THE NUMBER OF MANAGERS AND BY PROVIDING FOR THE DESIGNATION AND POWERS OF COMMITTEES AND FOR THE ELECTION OF VICE PRESIDENTS, ONE OF WHOM SHALL BE A MANAGER, AND TO ESTABLISH AND OPERATE BRANCHES OR BRANCH OFFICES.
Be it enacted by the General Assembly of the State of Delaware (two-thirds of each Branch concurring therein):
Section 1. Section 2 of the Act entitled, "An Act to Incorporate the Artisans' Savings Bank", passed at Dover on the 28th day of February, A. D. 1861, as heretofore renewed and amended, be and the same is hereby further amended by striking out said Section 2 and amendments thereto and substituting in lieu thereof a new Section 2, as follows:
"That the said Corporation shall annually on the second Tuesday in February in the City of Wilmington, or at such other time or place as by the By-laws may be appointed, elect by ballot from the members of said corporation not less than thirteen nor more than seventeen Managers to serve for one year or until their successors shall be chosen, the number to be selected to be determined each year at the last meeting of the Board of Managers prior to giving notice to the members of the corporation of the annual meeting. In order to increase the number of Managers to the number of seventeen permitted by this Amendment, the Board of Managers, as now constituted, shall have the right, upon approval of this Amendment, to select from the members of said corporation an additional member, or members, to become a Manager, or Managers, to serve until the next annual election. The Managers, during their term of office, shall have the sole management and direction of the affairs of said corporation. They shall elect one of their number to be President and elect one or more Vice Presidents, one of whom shall be a Manager, and shall also appoint a Treasurer and a Secretary, and such other officers as may be necessary for the conducting of the business of the corporation. The Managers may, by resolution passed by a majority of the whole Board, designate and name one or more committees, each committee to consist of three or more of the Managers of the corporation, which to the extent provided in the By-laws of the corporation shall have and may exercise the powers of the Board of Managers in the management of the business and affairs of the corporation and may authorize the seal of the corporation to be affixed to all papers which may require it. The Managers shall have power to fill vacancies in their own body and to make such By-laws and Regulations for the government of the corporation as they may deem expedient and to repeal or amend the same at pleasure. Provided that no such By-laws or Regulations shall be repugnant to the Constitution or Laws of this State or of the United States."
Section 2. Section 3 of the Act entitled, "An Act to Incorporate the Artisans' Savings Bank", passed at Dover on the 28th day of February, A. D. 1861, as heretofore renewed and amended, be and the same is hereby further amended by adding to said section the following words and punctuation, to-wit:
In addition to its principal office, the said Corporation may establish, maintain and operate such branches or branch offices, at such place or places, as it may deem to be advantageous.
Section 3. This Act shall be deemed and taken to be a private Act.
Approved March 6, 1959.