SENATE BILL NO. 58
AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO BUILDING AND LOAN ASSOCIATIONS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend §1727, Title 5 of the Delaware Code by deleting the numerals "$3,000,000" and replacing said numerals with "$4,000,000".
Section 2. Amend §1727, Title 5 of the Delaware Code by adding at the end of the present section the following:
"Before an institution which is not federally insured receives funds from a new shareholder, investor, member, subscriber, and or depositor the institution shall obtain the signature of such person upon a disclosure, on a form approved by the State Bank Commissioner, advising such person that the funds deposited with that institution are not federally insured."
Approved June 17, 1993.