AN ACT TO AMEND TITLE 5, DELAWARE CODE, RELATING TO DIRECT-REDUCTION LOANS BY BUILDING AND LOAN ASSOCIATIONS BY PROVIDING FOR THE AUTHORITY TO SECURE LOANS BY MORTGAGES ON REAL ESTATE WITHIN THE STATE OF DELAWARE OR OUTSIDE THE STATE OF DELAWARE IF WITHIN 50 MILES OF THE MAIN OFFICE OF THE ASSOCIATION.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Section 1905, Title 5, Delaware Code, is amended by adding the words, "and other loans" to the title of 1905.
Section 2. Section 1905, Title 5, Delaware Code, is further amended by striking out the first sentence of subparagraph (a) thereof, and inserting in lieu thereof a new sentence to read as follows:
Building and Loan Associations incorporated under this Code or any other law of this State may make direct reduction or other loans upon bonds, and may take as collateral security on said bonds, mortgages on real estate located (1) either within the State of Delaware, or (2) outside the State of Delaware, provided said real estate is located within 50 miles of the main offices of the Association.
Approved June 18, 1963.