CHAPTER 58

AN ACT TO AMEND CHAPTER 9, TITLE 5, DELAWARE CODE RELATING TO REGULATIONS GOVERNING BUSINESS OF BANKS AND TRUST COMPANIES.

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

Section 1. Chapter 9, Title 5, Delaware Code is amended by adding the following Section after Section 932:

§ 933. Branch Office

(a) Any Savings Bank or Savings Society, if authorized by its charter, may open a branch office or place of business, or branch offices or places of business in this State, upon application submitted to and approved by the Board of Bank Incorporation and upon the issuance of a certificate of authority of the State Bank Commissioner. The application shall state the exact location of the intended branch office and the necessity for its opening and the Board shall inquire into the matter, and if it deems that the public convenience will be served thereby and that there is good and sufficient reason that the Savings Bank or Savings Society should have the branch office, the Board shall issue its written permission for the opening of the branch office. Any certificate of authority issued by the Commissioner shall be void and of no effect at the expiration of six months after date of issue, unless the branch is actually opened for business. Unavoidable delay in opening the branch, due to construction problems or controls, or other matters beyond the control of the Savings Bank or Savings Society, may be taken into consideration, and the Commissioner may extend the certificate for periods of 30 days in the event of such circumstances.

A fee of $50 for every certificate shall be required by the Commissioner before issuing the same.

(b) Nothing in this section contained shall deny any Savings Bank or Savings Society the right to continue a branch office or branch offices if such branch office or branch offices shall have been actually established prior to the enactment of this section.

Approved June 2, 1959.