SENATE BILL NO. 216
AS AMENDED BY SENATE AMENDMENT NO. 1
AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE, RELATING TO MINIMUM CAPITAL STOCK REQUIREMENTS OF STATE BANKS, BANK FRANCHISE TAX RETURN FILING DEADLINES, AND INSURANCE REQUIREMENTS FOR BUILDING AND LOAN ASSOCIATIONS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §745, Chapter 7, Title 5 of the Delaware Code by striking the "." after the phrase not more than 5,000 persons" and inserting in lieu thereof ", or such greater amount as the Commissioner may require after review of the charter, business plan and proposed activities of the bank."
Section 2. Amend §1104 (a), Chapter 11, Title 5 of the Delaware Code by deleting the phrase "1st day of August" as It appears in the last sentence of said subsection and Inserting in lieu thereof the phrase "1st day of March".
Section 3. Amend §1727, Chapter 17, Title 5 of the Delaware Code by striking the phrase "Insured pursuant to Title IV of the National Housing Act (12 U.S.C. Section 1724 et. seq.) and the regulations pursuant thereto." and substituting in lieu thereof the words "federally insured."
Approved June 29, 1989