CHAPTER 552

HOUSE JOINT RESOLUTION NO. 9

AUTHORIZING THE GOVERNOR TO ENTER INTO A CONTRACT OR CONTRACTS WITH THE FEDERAL DEPOSIT INSURANCE CORPORATION AND THE FARMERS BANK OF THE STATE OF DELAWARE.

WHEREAS, the 128th General Assembly of the State of Delaware, by House Joint Resolution No. 45, dated May 12, 1976, did authorize Governor Sherman W. Tribbitt to enter into a contract with the Federal Deposit Insurance Corporation and the Farmers Bank of the State of Delaware, to "adopt a plan to restore the Farmers Bank to a viable, competitive institution"; and

WHEREAS, such contract, known as the "Assistance Agreement", was duly executed by Governor Tribbitt and the Chief Executive officers of the Federal Deposit Insurance Corporation and the Farmers Bank on May 20, 1976; and

WHEREAS, by Memorandum of Intent entered into on March 25, 1977 among Governor Pierre S. du Pont, IV, Chairman Robert Barnett of the Federal Deposit Insurance Corporation, and Edward Hagemeyer, President of the Farmers Bank, the said parties further agreed in principle upon certain additional terms and conditions designed to realize the purpose and intent of the original agreement.

NOW, THEREFORE:

BE IT RESOLVED by the House of Representatives and the Senate of the 129th General Assembly, the Governor concurring therein, that the Governor is authorized to enter into a contract or contracts with the Federal Deposit Insurance Corporation and the Farmers Bank of the State of Delaware, which said contract or contracts shall be consistent in all pertinent respects with the aforementioned Memorandum of Intent dated March 25, 1977, by and among the same parties, and which said contract or contracts may further provide as the need shall appear, for the modification or recision, in whole or in part, of the Assistance Agreement dated May 20, 1976.

Approved May 5, 1977.