AN ACT to Amend an Act Entitled "An Act in Relation to Banks, Savings Societies, and Trust Companies, and Regulating the Conduct of their Business, and Prescribing Certain Powers and Duties for the State Bank Commissioner", being Chapter 103 of Volume 32 of the Laws of Delaware.
Ile it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met: Section 1. That the Act entitled "An Act in relation to Banks, Savings Societies, and Trust Companies, and regulating the conduct of their business, and prescribing certain powers and duties for the State Bank Commissioner", being Chapter 103 of Volume 32 of the Laws of Delaware, be and the same is hereby amended by inserting before Section 19 of said Act a new Section as follows:
"Section 18B. It shall be unlawful for any bank or trust company doing business in this State to merge or consolidate with any other bank or trust company or to take Banks, must have approval over any substantial portion of the assets of and/or to assume the liabilities, in whole or in part, of any other bank or trust company (whether said other bank or trust company is then doing business or has surrendered its charter or has dissolved) unless and until such action shall be approved by the State Bank Commissioner, and the said Commissioner is hereby authorized to require that he be furnished with such information as to the said assets and liabilities and as to the condition of the banks or trust companies concerned as he shall deem necessary or proper to determine whether to give or withhold his approval.
It shall be the duty of the State Bank Commissioner to Commissioner to refuse his approval whenever in his opinion the transaction will weaken or tend to weaken any bank or trust company concerned.
No title to any property shall pass where the transaction is in violation of the provisions of this Section.
Approved April 25, 1931.