Delaware Code Title 5 Sec. 775 – Powers; restrictions
(a) With respect to a limited purpose trust company, the powers conferred by subchapter IV of this chapter or otherwise by law shall be limited solely to such powers as are necessary or incidental to the performance of trust company powers.
Terms Used In Delaware Code Title 5 Sec. 775
- Affiliate: means a person that directly, or indirectly through 1 or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. See Delaware Code Title 5 Sec. 773
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Trust company powers: means all of the powers, rights, privileges and franchises incident to a trust company established under subchapter IV of this chapter, except:
(b) No limited purpose trust company established under this subchapter may:
(1) Amend its articles of association, charter, certificate of incorporation or bylaws by addition to its corporate purpose or powers;
(2) Merge or consolidate, except with:
a. An affiliate or affiliates; or
b. A corporation or corporations established under this subchapter;
(3) Have more than a single office within this State open to the public for the conduct of its business; or
(4) Exercise any power of appointment in a manner inconsistent with § 3548 of Title 12.