SENATE BILL NO. 71
AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO THE ACTIVITIES AND TAXATION OF EDGE ACT CORPORATIONS.
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 §101 (9) Title 5 of the Delaware Code by redesignating the existing paragraph e. as f., and by adding thereto a new paragraph e. as follows:
"(e) The underwriting, distributing and dealing in debt and equity securities outside of the United States and the conduct of any activities permissible to a banking organization described in paragraph c. of subsection (7) of this section, or any of its subsidiaries, in connection with the transaction of banking or other financial operations."
Section 2. Amend the redesignated paragraph f. of §10I (9) Title 5 of the Delaware Code by striking the letter and punctuation "d." as the same appears in said paragraph, and substituting therefor the letter and punctuation "c.".
Section 3. Amend §1101 Title 5 of the Delaware Code by adding thereto a new subsection (h) as follows:
"(h) For purposes of this chapter, an Edge Act corporation as defined in §10I (7)c. of this Title which is not 'engaged in banking' as defined at 12 C.F.R. §211.2 (f), or any subsidiary thereof, may elect to be taxed in accordance with Chapter 19 of Title 30 in lieu of this Chapter.".
Approved April 12, 1995