CHAPTER 359

FORMERLY

SENATE BILL NO. 477

AN ACT TO AMEND CHAPTER 1, TITLE 5, DELAWARE CODE, RELATING TO QUALIFICATION OF COMMISSIONER AND EMPLOYEES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend §104, Chapter 1, Title 5, Delaware Code, by deleting the phrase "Secretary of Administrative Services" wherever it appears and substituting in lieu thereof the word "Commissioner".

Section 2. Amend Chapter 1, Title 5, Delaware Code, by adding anew §108 to read as follows:

§108. Prohibited Relationships with Supervised Institutions

The Commissioner, Deputy Commissioner or Examiners employed by the Commissioner, or such person's spouse or such person's son or daughter residing at such person's residence shall not obtain a loan or utilize credit from any financial institution subject to supervision or regulation of the Commissioner. This prohibition, however, shall not be construed as prohibiting such persons from being a depositor or member of any such financial institution on the same terms as available to the public generally."

Approved June 27, 1978.