SENATE BILL NO. 441
AN ACT TO AMEND CHAPTER 320, VOLUME 63, LAWS OF DELAWARE, ENTITLED "AN ACT TO AMEND CHAPTER 63, VOLUME 12, LAWS OF DELAWARE, ENTITLED AN ACT TO INCORPORATE THE ARTISANS' SAVINGS BANK' AS AMENDED, TO PERMIT THE BANK TO MAKE CERTAIN LOANS", TO REMOVE CERTAIN LIMITATIONS WHICH NOW PREVENT ARTISANS' SAVINGS BANK FROM MAKING CERTAIN LOANS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two- thirds of aU members elected to each House thereof concurring therein):
"Section 1. Amend Chapter 320, Volume 63, Laws of Delaware, by striking Section 1 thereof in its entirety, and substituting in lieu thereof the following:
'Section I. Amend Section 3, Chapter 63, Volume 12, Laws of Delaware, as amended, by adding the following subsection (a):
(a) That said corporation shall be authorized to invest in, sell, or otherwise deal with the following loans, secured or unsecured:
(I) Consumer loans for personal family or household purposes;
(2) Educational loans for payment of expenses for college, university or vocational education;
(3) Construction loans. 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.'
Section 2. This Act shall become effective upon its enactment into law."
Approved June 18, 1986.