HOUSE BILL NO. 716
AN ACT TO AMEND CHAPTER 9, TITLE 5 OF THE DELAWARE CODE RELATING TO LOANS BY BANKS OR TRUST COMPANIES TO EXECUTIVE OFFICERS AND DIRECTORS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Subsection (d) of Section 909, Chapter 9, Title 5 of the Delaware Code by striking the introductory phrase thereto and substituting in lieu thereof the following:
"(d) No bank or trust company, including mutual savings banks and savings societies, shall make any loans directly or indirectly to any of its executive officers or directors in an amount that, when aggregated with the amount of all other extensions of credit to that person, exceeds the lesser of $500,000 or 5% of the bank's total capital, except on the following conditions:".
Approved July 20, 1984.