CHAPTER 357
FORMERLY
HOUSE BILL NO. 936
AN ACT TO AMEND TITLE 5, DELAWARE CODE, RELATING TO THE ESTABLISHMENT OF THE FARMERS BANK COMMISSION.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Amend Title 5 of the Delaware Code by adding a new section to be designated as §934 to read as follows:
"§934. Farmers Bank Commission
(a) There is hereby established the Farmers Bank Commission (hereinafter referred to as the "Commission")
(b) The Commission shall consist of seven (7) Commissioners to be chosen as follows:
(1) One Commissioner a resident, of the City of Wilmington, one Commissioner a resident of Kent County and one Commissioner a resident of Sussex County; and three Commissioners, residents of New Castle County, outside of the City of Wilmington; and
(2) One Commissioner chosen from the State-at-large; and The Commissioner-at-Large shall serve at the pleasure of the Governor and shall be designated as Chairman of the Commission; and
(0) Each member of the Commission, except the Chairman, shall serve, after their initial term, a three-year term,
or, until a successor is duly qualified. Commissioners shall be appointed by the Governor. In the case of a vacancy in an unexpired term, a successor shall be appointed by the Governor to serve for the remainder of the unexpired term.
(5) The political affiliation of the Commissioners shall not upon appointment be more than a bare majority of one major political party over the other major political party. Those persons registered as declines may serve on the Commission.
(6) Initially, the Governor shall, consistent with paragraph (4) above, choose two Commissioners for a one-year term, two Commissioners for a two-year term, two Commissioners for a three-year term, and choose one Commissioner at-large in the State to serve as Chairman. Persons serving on the Commission shall be eligible for reappointment.
(7) Commissioners shall serve without compensation but shall be reimbursed for travel and other expenses incurred in attending meetings of the Commission.
(0) The Commissioners shall be appointed so as to insure diversity of their background and their strict impartiality in protecting the State's interest in its investment in the Farmers Bank of the State of Delaware. In considering the qualifications of persons who may be appointed as Commissioners, the Governor shall consider among other things the knowledgeability of such person in the fields of corporate finance, banking, accountancy, money management and personnel management.
(c) The Governor and the General Assembly of the State of Delaware may remove from office a Commissioner who shall be guilty of nonfeasance of malfeasance in the office of Commissioner.
mission serve as a director, officer or employee of any bank doing business in the State of Delaware, nor shall any Commissioner be appointed who is a member of the General Assembly of the State of Delaware or any elected or appointed official of any political subdivision of the State of Delaware; nor shall any Commissioner obtain any loan for his personal use from the Farmers Bank; nor shall any Commissioner at any time be eligible to serve on the Commission who shall own more than 1% of the common stock of the Farmers Bank of the State of Delaware.
(e) The Commissioners shall make an annual report of the activities of the Commission to the Governor and the General Assembly and render such other reports as the Governor and the General Assembly may from time to time request or as may be required by law. The Commission may hire such experts as are necessary to assist them in preparing such report.
() (1) The Commission shall, hereafter, be the trustee of the any after-acquired shares of common or preferred stock which the State of Delaware may purchase in the Farmers Bank of the State of Delaware. (2) After February 15, 1977, the Commission shall vote the common stock of the Farmers Bank of the State of Delaware owned by the State prior to the effective date of this Act.
(a) The Commission shall by a majority vote of the Commissioners, exercise all the powers, duties and functions of shareholders and have all the protections under law of shareholders by virtue of their position as trustees of the common or preferred stock of the Farmers Bank of the State of Delaware hereafter acquired by the State of Delaware.
(b) The Commission's existence will cease forthwith when the State of Delaware shall no longer own any common or preferred stock.
day that the Board of Directors of the Farmers Bank of the State of Delaware advises the Secretary of State of Delaware that the charter changes as concurred in by the General Assembly and the Board of Directors have been voted affirmatively by the shareholders of the Farmers Bank of the State of Delaware.