CHAPTER 376

FORMERLY

HOUSE BILL NO. 1012

AN ACT TO AMEND TITLE 5, DELAWARE CODE, RELATING TO THE APPOINTMENT OF A RECEIVER OF A BANK OR TRUST COMPANY.

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

Section 1. Amend §131, Title 5, Delaware Code, by striking subsection (c) and substituting in lieu thereof a new subsection (c) to read as follows:

"(c) In the case of a bank or trust company deposits in which are to any extent insured by the Federal Deposit Insurance Corporation or successor corporation or agency, the receiver to be appointed shall be the Federal Deposit Insurance Corporation or such successor. In all instances in which the Federal Deposit Insurance Corporation or such successor shall pay any portion of the deposits of a bank or trust company, it shall be fully subrogated to the position of depositors to the extent of such deposits. In the case of a bank or trust company deposits in which are not so insured, the receiver to be appointed shall be the Commissioner or, in his absence or disability, a Deputy Commissioner. Neither the Commissioner nor the Deputy Commissioner shall receive any extra compensation for acting as receiver."

Approved April 29, 1976