Delaware Code Title 5 Sec. 822 – Purpose; findings
The purpose of this subchapter is to permit the acquisition by an out-of-state bank holding company, or a subsidiary thereof, of any voting shares of, interest in, or all or substantially all of the assets of, a state assisted bank, notwithstanding any other provision of state law. The General Assembly of the State hereby finds that it is in the interest of the State that the State have the ability to divest its interest in a state assisted bank to an out-of-state bank holding company, and that such ability does not exist unless legislation of the State, as presently required under § 3(d) of the federal Bank Holding Company Act of 1956, as amended (12 U.S.C. § 1842(d)), permits out-of-state bank holding companies or their subsidiaries to acquire a state assisted bank.
Terms Used In Delaware Code Title 5 Sec. 822
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means a bank or trust company existing under the laws of the State, or a national banking association existing under the National Bank Act, as amended (12 U. See Delaware Code Title 5 Sec. 821
- Out-of-state bank holding company: means an out-of-state bank holding company as defined in § 801(2) of this title. See Delaware Code Title 5 Sec. 821
- 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 assisted bank: means a bank which the State has, in order to relieve financial distress determined to exist by the State Bank Commissioner, assisted by means of a grant, loan, asset purchase or deposit made pursuant to a plan or agreement if:
- Subsidiary: means a subsidiary as defined in § 801(6) of this title. See Delaware Code Title 5 Sec. 821