SENATE BILL NO. 576
AS AMENDED BY SENATE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 63, VOLUME 12, LAWS OF DELAWARE, ENTITLED "AN ACT TO INCORPORATE THE ARTISANS' SAVINGS BANK," AS AMENDED, TO PERMIT THE BANK TO MAKE CERTAIN LOANS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each House thereof concurring therein):
Section 1. Amend Section 3, Chapter 63, Volume 12, Laws of Delaware, as amended, by adding the following subsection (a):
"(a) That said corporation shall be authorized to invest in, sell, or otherwise deal with the following loans, secured or unsecured limited to not in excess of five per cent of the assets of the corporation in any one category of loans and ten per cent of the assets of the corporation in the aggregate in all categories of such loans:
(1) Consumer loans for personal family or household purposes;
(2) Educational loans for payment of expenses for college, university or vocational education;
(3) Construction loans, the principal purpose of which is to provide financing with respect to what is or is expected to become primarily residential real estate;
(4) Commercial, corporate and business loans except that such loans may be made only within the State of Delaware or within 75 miles of the corporation's home office."
Approved June 30, 1982.