HOUSE BILL NO. 294
AN ACT TO AMEND CHAPTER 7, TITLE 5, OF THE DELAWARE CODE RELATING TO DIRECTORS' QUALIFYING SHARES IN AND FOR THE GOVERNANCE OF STATE BANKS AND TRUST COMPANIES.
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 742, Title 5 of the Delaware Code by striking subsection (b) in its entirety and by redesignating existing subsections (c) and (d) as subsections (b) and (c), respectively.
Section 2. Amend Section 702, Title 5 of the Delaware Code by striking said Section in its entirety, and by substituting in lieu thereof a new Section 702, which Section shall read as follows:
"§702. Applicability of Other Laws
Every corporation created under this Chapter shall be deemed to be subject to and entitled to the benefit of the provisions of this Code and any other general statutes of this State making provision for the regulation of banks and trust companies, or for the regulation and governance of corporations established under Title 8 of this Code, where the same are not inconsistent with the express provisions of this Chapter."
Approved July 13, 1983.