SENATE BILL NO. 577
AN ACT TO AMEND CI(101) OF VOLUME 8, LAWS OF DELAWARE, ENTITLED "AN ACT TO INCORPORATE THE WILMINGTON SAVINGS FUND SOCIETY," AS AMENDED, TO PROVIDE THAT THE SOCIETY MAY MAKE CERTAIN LOANS AND INVESTMENTS.
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 7, Chapter CI(101) of Volume 8, Laws of Delaware, as amended, by adding a subsection to read as follows:
"(w) To invest in, sell, or otherwise deal with the following loans, secured or unsecured, limited to not in excess of 5 percent of the assets of the corporation in any one category of loans and 10 percent 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 for 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.