CHAPTER 380

FORMERLY

SENATE BILL NO. 271

AN ACT TO AMEND CHAPTER 19 OF TITLE 5 THE DELAWARE CODE RELATING TO POWERS AND CONDUCT OF BUSINESS OF BUILDING AND LOAN ASSOCIATIONS.

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

Section 1. Amend §1903 of Chapter 19, Title 5 of the Delaware Code by striking said Section 1903 in its entirety and substituting in lieu thereof a new §1903 to read as follows:

§1903. Authorized Savings Plans

Any building and loan association doing business in this State and having a State Charter, provided its Charter permits, may issue serial shares, full paid shares, installment full paid shares, and may also make available to members savings accounts, savings certificates and any other type of share or account which any federally chartered association may issue under the rules and regulations of the Federal Home Loan Bank Board and under the term of its Charter."

Section 2. Amend §1904 of Chapter 19, Title 5 of the Delaware Code by striking said Section 1904 in its entirety and substituting in lieu thereof a new §1904 to read as follows:

§1904. Dividends and Interest

Every building and loan association doing business in this State and holding a State Charter, provided its Charter shall permit, may provide either in its by-laws or by a resolution or resolutions of its Board of Directors a schedule of varying rates of dividends for different classes of shares of stock, and different types of shares within any class, including any type of share or account available to federally chartered associations operating in this State."

Approved June 29, 1978