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.
Be 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 after Section 18 of said Act a new Section as follows:
"Section 18A. Whenever the State Bank Commissioner shall be satisfied from his examination of any bank or trust company (other than savings banks and savings societies) that such bank or trust company has an insufficient proportion of its assets in cash and securities readily State Bank missioner convertible into cash, he shall so notify the Board of Directors of such bank or trust company, and thereupon it shall be the duty of the said Board of Directors to carry out the requirements of the State Bank Commissioner in that behalf, and upon their failure to do so within such time as the said State Bank Commissioner shall consider reasonable, he shall report the matter to the stockholders of the said bank or trust company either at a regular or special meeting and the said State Bank Commissioner is hereby vested with authority to call a special meeting of the stockholders for this purpose should he deem it advisable so to do. The said State Bank Commissioner may in his discretion report the matter also to the Governor of this State and to the President of the Delaware State Bankers Association.
Nothing in this Section contained shall be deemed to limit or curtail the powers and duties of the State Bank Commissioner as provided in Section 9 of this Act."
Approved April 25, 1931.