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Delaware General AssemblyDelaware RegulationsMonthly Register of RegulationsFebruary 2019

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5 DE Admin. Code 102
IT IS HEREBY ORDERED, this 14th day of January, 2019, that amended Regulation 102 is adopted as a Regulation of the State Bank Commissioner. The effective date of this Regulation is February 11, 2019. This Regulation is adopted by the State Bank Commissioner in accordance with Title 5 of the Delaware Code and pursuant to the requirements of Chapters 11 and 101 of Title 29 of the Delaware Code, as follows:
1. Notice of the proposed amended Regulation and its text was published in the December 1, 2018 issue of the Delaware Register of Regulations. The Notice included, among other things, a summary of the proposed amended Regulation and invited interested persons to submit written comments to the Office of the State Bank Commissioner on or before January 3, 2019. The Notice further stated that the proposed amended Regulation was available for inspection during regular business hours at the Office of the State Bank Commissioner, 43 South DuPont Highway, Edgehill Shopping Center, Dover, Delaware 19901, and that copies were available upon request.
Robert A. Glen
Effective Date: December 11, 1998 [XX/XX/XXXX February 11, 2019]
“Articles of Association” means the articles of association described in Section 723 of Title 5 of the Delaware Code.
“Articles of Organization” means the articles of organization described in Section 728 of Title 5 of the Delaware Code.
“Bank” means a Delaware State Bank, Out-of-State State Bank, Delaware National Bank or Out-of-State National Bank.
“Bank Holding Company” has the meaning specified in the Bank Holding Company Act of 1956, as amended (12 U.S.C. § 1841 et seq.).
“Certificate Authorizing the Transaction of Business” means the certificate described in Section 733 of Title 5 of the Delaware Code.
“Delaware Bank” means a Delaware National Bank or a Delaware State Bank.
“Delaware National Bank” means a national banking association created under the National Bank Act (12 U.S.C. § 21 et seq.) that is located in this State.
“Delaware State Bank” means a bank (as defined in § 101 of Title 5 of the Delaware Code) chartered under the laws of this State.
“Insured Bank” means a bank that is an insured depository institution, as defined in the Federal Deposit Insurance Act at 12 U.S.C. § 1813(c).
“Interim Bank” means a bank established exclusively for the temporary purposes set forth in this regulation.
“Interim Bank Agreement” means an agreement that expressly provides, among other things, for the creation of an Interim Bank and its merger with an Insured Delaware Bank.
“Located in this State” means, with respect to a state-chartered bank, a bank created under the laws of this State and, with respect to a national banking association, a bank whose organization certificate identifies an address in this State as the place at which its discount and deposit operations are to be carried out.
“Notice of Intent” means a notice of the intention of the incorporators to form an Interim Bank, as provided in Section 5 of this regulation.
“Out-of-State Bank” means an Out-of-State State Bank or an Out-of-State National Bank.
“Out-of-State Bank Holding Company” has the meaning specified in the Bank Holding Company Act of 1956, as amended (12 U.S.C. § 1841 et seq.).
“Out-of-State National Bank” means a national bank association created under the National Bank Act (12 U.S.C. § 21 et seq.) that is not located in this State.
“Out-of-State State Bank” means a State bank, as defined in the Federal Deposit Insurance Act, as amended, at 12 U.S.C. § 1813(a), that is not chartered under the laws of this State.
“Public Notice” means a public notice, as provided in Section 5 of this regulation.
2.1.2 The acquisition of an Insured Delaware Bank by another Insured Delaware Bank or Bank Holding Company (e.g., pursuant to Subchapter VI of Chapter 7 or Subchapters IV or V of Chapter 8 of Title 5 of the Delaware Code). In such instances, the Interim Bank is used to assure that the to-be-acquired Insured Delaware Bank will become wholly-owned through a merger or consolidation pursuant to an agreement between the Insured Delaware Banks or between an Insured Delaware Bank and a Bank Holding Company that provides, among other things, for an Insured Delaware Bank to merge or consolidate with the Interim Bank.
4.1 An Interim Bank may be incorporated, in accordance with Section 722 of Title 5 of the Delaware Code, by three or more individual persons, at least two of whom must be citizens and residents of Delaware.
5.1.1.1 the The purpose for forming an Interim Bank;
5.1.1.2 the The proposed name of the Interim Bank;
5.1.1.3 the The name and address of the incorporators; and
5.1.1.4 the The amount of the capital stock of the Interim Bank.
5.1.2.1 the The Interim Bank Agreement;
5.1.2.2 a A copy of the proposed Articles of Association of the Interim Bank;
5.1.2.3 a A copy either of the certificate of public convenience and advantage or the legislative and/or corporate instruments of banking authority for the Insured Bank which is to be merged with the Interim Bank pursuant to the Interim Bank Agreement.
Last Updated: December 31 1969 19:00:00.
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