CHAPTER 349

FORMERLY

HOUSE BILL NO. 349

AN ACT TO AMEND CHAPTER 25, TITLE 5 OF THE DELAWARE CODE TO EXEMPT CHARITABLE GIFT ANNUITIES FROM THE BANKING LAWS OF THE STATE OF DELAWARE.

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

Section 1. Amend Section 2502, Chapter 25, Title 5, Delaware Code by striking said section in its entirety and substituting in lieu thereof the following:

"§2502. Application of Chapter

This Chapter shall not apply to persons engaged in selling merchandise on the installment plan: insurance companies, foreign or domestic, duly authorized to do business in this State; organizations exempt from Federal income taxation under Section 501(c)(3) of the 1954 Internal Revenue Code, as subsequently amended, which issue charitable gift annuities; building and loan associations, banks or trust companies, authorized to do business under this Code or any other laws of this State; or to surety companies authorized to do business under this Code or any other laws of this State; nor shall this chapter apply to any face amount company as defined under Sec. 4 of the Investment Company Act of 1940 (15 U.S.C.A„ Sec. 80a-4) passed by the Congress of the United States which is registered with the Securities and Exchange Commission and which maintains deposits of assets at least equal to all outstanding certificate reserve liabilities as provided by section 28(c) of the Investment Company Act of 1940 (15 U.S.C.A. Sec. 80a-28(c))."

Approved July 17,1984.