Delaware Code Title 6 Sec. 73-703 – Investor protection fund
(a) All moneys as described in subsection (b) of this section shall be credited by the State Treasurer to a fund to be known as the “Investor Protection Fund.”
Terms Used In Delaware Code Title 6 Sec. 73-703
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Attorney General: means the Attorney General of the State or the Attorney General's duly appointed deputy. See Delaware Code Title 6 Sec. 73-103
- Director: means the Investor Protection Director, the principal executive officer of the Investor Protection Unit designated in § 73-102 of this title. See Delaware Code Title 6 Sec. 73-103
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fraud: Intentional deception resulting in injury to another.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: means the District of Columbia or the Commonwealth of Puerto Rico or any state, territory, possession, or other jurisdiction of the United States other than the State of Delaware. See Delaware Code Title 6 Sec. 17-101
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The Investor Protection Fund will be a revolving fund and shall be funded as follows:
(1) Beginning on July 1 of each year (after the funds for the operations of the Investor Protection Unit have been deposited and credited to the Securities Administrative Payroll Appropriation pursuant to the Budget Act for that fiscal year) any moneys collected by the Unit shall be credited to the Investor Protection Fund and shall continue to be credited to the fund until such time as the amount so credited to the fund equals $550,000. Such $550,000 shall be in addition to any moneys credited to the Investor Protection Fund under any other provision in this section.
(2) Any moneys paid pursuant to court order or judgment, including costs and attorney’s fees, in a securities action brought by the Attorney General or the Investor Protection Director pursuant to this chapter shall be credited to the Investor Protection Fund; and
(3) Any moneys received by the Director pursuant to any settlement agreement shall be credited to the Investor Protection Fund.
(c) Any fines, costs or other moneys (except those obtained as restitution or rescission) received by the Director as a result of an administrative order (other than a consent order) shall be credited to the General Fund.
(d) If, at the end of any fiscal year, the balance in the Investor Protection Fund exceeds $750,000, the excess shall be withdrawn from the Investor Protection Fund and deposited in the General Fund.
(e) The Attorney General is authorized to expend from the Investor Protection Fund such moneys as are necessary for the payment of costs, expenses, and charges incuarrred in connection with the activities of the Investor Protection Unit under this chapter, including enforcement, training, education, and dissemination of information to the public, and, if approved by the Director of the Fraud and Consumer Protection Division, such other costs, expenses, and charges incurred by the Fraud and Consumer Protection Division in connection with activities related to consumer protection and financial fraud.
(1)-(3) [Repealed.]
(f) The Attorney General and the Investor Protection Director shall provide such reports as to the expenditure of moneys from the Investor Protection Fund to the Director of the Office of Management and Budget and the Controller General, and in such detail as they require.
67 Del. Laws, c. 274, § ?13; 69 Del. Laws, c. 64, § ?99; 70 Del. Laws, c. 560, § ?7; 75 Del. Laws, c. 88, § ?21(3); 78 Del. Laws, c. 175, §§ ?81-85, 113, 118; 79 Del. Laws, c. 182, §§ ?1-3; 83 Del. Laws, c. 390, § 1;