Title 5 Banking
3300 Business and Industrial Development Corporations
3302 Bidco Interpretation of “Prudent Business Manner”
5 Del.C. §3306(b)
Formerly Regulation No.: 5.3324.0002
Effective Date: January 11, 1993
1.0 This is an interpretative regulation on the use, meaning, and intent of “prudent business manner” as it appears in §3324 of Title 5 of the Delaware Code.
2.0 The Bidco will be deemed to be conducting business in a prudent business manner provided the officers and directors are found to discharge the duties of their respective positions in good faith, and with the diligence, care, judgement and skill that ordinarily prudent men would exercise under similar circumstances in like positions, consistent with the purposes of the Delaware Bidco Act.
