CHAPTER 443

FORMERLY

HOUSE BILL NO. 921

AN ACT TO AMEND CHAPTER 1, TITLE 8, DELAWARE CODE, RELATING TO THE GENERAL CORPORATION LAW.

Be it enacted by the General Assembly of the State of Delaware (two-thirds of all members elected to each House thereof concurring therein):

Section 1. Amend §395 of Title 8, Delaware Code, by striking said section in its entirety and insert a new §395 to read as follows:

"§395. Corporations using 'trust' in name, advertisements and otherwise; restrictions; violations and penalties; exceptions

(a) Every corporation of this State using the word 'trust' as part of its name, except a corporation regulated under the Bank Holding Company Act of 1956, 12 U.S.C., Section 1841, et. seq., as that Act shall from time to time be amended, shall be under the supervision of the State Bank Commissioner of this this State and shall make not less than two reports during each year to the Commissioner, according to the form which shall be prescribed by him, verified by the oaths or affirmations of the president or vice-president, and the treasurer or secretary of the corporation, and attested by the signatures of at least three directors.

(b) No corporation of this State shall use the word 'trust' as part of its name, except a corporation reporting to and under the supervision of the State Bank Commissioner of this State or a corporation regulated under the Bank Holding Company Act of 1956, 12 U.S.C., Section 1841, et. seq., as that Act shall from time to time be amended. The name of any such corporation shall not be amended so as to include the word 'trust' unless such corporation shall report to and be under the supervision of the Commissioner, or unless it is regulated under the Bank Holding Company Act of 1956.

(c) No person, firm, association of persons, or corporation of this State, except corporations reporting to and under the supervision of the State Bank Commissioner of this State or corporations regulated under the Bank Holding Company Act of 1956, 12 U.S.C., Section 1841 et. seq., as that Act shall from time to time be amended, shall advertise or put forth any sign as a trust company, or in any way solicit or receive deposits or transact business as a trust company, or in any way solicit or receive deposit or transact business as a trust company, or use the word 'trust' as a part of his, their or its name."

Section 2. All rights, privileges and immunities vested or accrued by and under any laws enacted prior to the adoption or amendment of this Act, all suits pending, all rights of action conferred, and all duties, restrictions, liabilities and penalties imposed or required by and under laws enacted prior to the adoption or amendment of this Act, shall not to impaired, diminished or affected by this Act, and further provided that any corporation heretofore incorporated in this State using the word "trust" in its corporate title and not engaged in any banking or trust company business shall not be prohibited from continuing to use such word in its corporate name and shall not be under the supervision of the State Bank Commissioner of this State unless and until it shall engage in the business of banking or that of a trust company.

Section 3. This Act shall take effect on July 1, 1974.

Approved July 11, 1974