HOUSE BILL NO. 468
AN ACT TO AMEND SUBCHAPTER 1, CHAPTER 9, TITLE 5 OF THE DELAWARE CODE TO REMOVE INVESTMENT LIMITATIONS IN WHOLLY- OWNED SUBSIDIARIES.
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 Subchapter I, Chapter 9, Title 5 of the Delaware Code by designating the current paragraph appearing as Section 910 as subsection (a).
Section 2. Amend Subchapter 1, Chapter 9, Title 5 of the Delaware Code by adding thereto a new subsection (b) of Section 910 to read as follows:
"(b) Notwithstanding anything contained in Section 910(a) to the contrary, a bank or trust company may invest in the corporate stock, bonds, notes or other obligations of one or more of its wholly owned operating subsidiaries which engage in activities in which and to the extent to which the bank or trust company itself may engage without regard to the limitation set forth in Section 910(a)."
Approved April 9, 1986.