Delaware Code Title 5 Sec. 786 – Conversion of national banks and federal savings associations into …
(a) Except as provided in § 789 of this title, a national bank or federal savings association (as defined in the Home Owners’ Loan Act, as amended, at 12 U.S.C. § 1462) located in this State which follows the procedure prescribed by the laws of the United States to convert into a state bank may be granted a state charter with the approval of the State Bank Commissioner; provided, however, that the conversion shall be deemed approved if no action is taken by the State Bank Commissioner within 30 days after receipt of the completed application in accordance with subsection (b) of this section. Notwithstanding any other provision of this title, a state bank resulting from the conversion of a national bank or federal savings association may retain and exercise all the powers and rights of the converting national bank or federal savings association, in addition to all the powers and rights available to a state bank under this title.
Terms Used In Delaware Code Title 5 Sec. 786
- Bank: means a state or a national bank. See Delaware Code Title 5 Sec. 781
- National bank: means a national bank association located in this State. See Delaware Code Title 5 Sec. 781
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- 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
- State bank: means a bank or trust company chartered under the laws of this State. See Delaware Code Title 5 Sec. 781
- United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
(b) The national bank or federal savings association may apply for such charter by filing with the State Bank Commissioner:
(1) A certificate signed by its president and cashier and by a majority of the entire board of directors, setting forth the corporate action taken in compliance with the laws of the United States governing the conversion of a national bank or federal savings association to a state bank; and
(2) The plan of conversion and the proposed articles of incorporation, approved by the stockholders or members, for the operation of the bank as a state bank.
5 Del. C. 1953, § ?786; 49 Del. Laws, c. 126; 57 Del. Laws, c. 740, §§ ?19F, 19G; 71 Del. Laws, c. 19, §§ ?28-30; 71 Del. Laws, c. 25, § ?16;