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
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