CHAPTER 42

FORMERLY

SENATE BILL NO. 100

AN ACT TO AMEND AN ACT, BEING CHAPTER 63, VOLUME 12, LAWS OF DELAWARE, ENTITLED "AN ACT TO INCORPORATE THE ARTISANS' SAVINGS BANK", BY AMENDING SECTION 2 THEREOF TO PROVIDE FOR THE ELECTION OF NOT LESS THAN THIRTEEN NOR MORE THAN TWENTY DIRECTORS.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all the members elected to each House thereof concurring therein):

Section 1. Amend Chapter 63, Volume 12, Laws of Delaware, by striking Section 2 thereof in its entirety and substituting a new Section 2, which shall read as follows:

"Section 2. 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 the By-laws may appoint,

elect by ballot from the members of said corporation not less than thirteen nor more than twenty Directors, said number to be determined each year at the last meeting of the Board of Directors held prior to giving notice to the members of the corporation of the annual meeting, the number of Directors to be divided into three classes, the number in each class to be as near one-third of the total number of Directors as possible and at each annual meeting one class, i.e. one-third of the number of Directors shall be elected for a three-year term. The Directors, 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 Director, 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 Directors 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 Directors 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 Directors 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 Directors 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 he repugnant to the Constitution of Laws of this State or of the United States."

Approved May 17, 1977