Delaware Code Title 5 Sec. 791 – Book value of assets
Current as of: 2023 | Check for updates
|
Other versions
Without approval by the State Bank Commissioner no asset shall be carried on the books of the resulting bank at a valuation higher than that on the books of a merging or converting bank at the time of its last examination by a state or national bank examiner before the effective date of the merger or conversion.
5 Del. C. 1953, § ?791; 49 Del. Laws, c. 126.;
Terms Used In Delaware Code Title 5 Sec. 791
- Bank: means a state or a national bank. See Delaware Code Title 5 Sec. 781
- Converting bank: means a bank converted from a state to a national bank, or the reverse. See Delaware Code Title 5 Sec. 781
- Merger: includes consolidation. See Delaware Code Title 5 Sec. 781
- National Bank Examiner: An employee of the Comptroller of the Currency whose function is to examine national banks periodically to determine the financial position of a bank and the security of its deposits. The examiner also verifies that the bank maintains procedures consistent with federal banking laws and regulations. Source: OCC
- Resulting bank: means the bank resulting from a merger or conversion. See Delaware Code Title 5 Sec. 781
- 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