§ 129 — Insufficient proportion of assets in cash or readily convertible securities; Commissioner’s notice to directors, stockholders, etc

Delaware § 129

• Jurisdiction: Delaware
• Title: 5
• Part: State Banking Agencies
• Ch. 1: STATE BANK COMMISSIONER
• Subch.: Powers and Duties

Text

Whenever the Commissioner shall be satisfied from the Commissioner’s examination of any bank or trust company (other than savings banks and savings societies) that the bank or trust company has an insufficient proportion of its assets in cash and securities readily convertible into cash, the Commissioner shall so notify the board of directors of the bank or trust company, and thereupon the board of directors shall carry out the requirements of the Commissioner in that behalf, and upon their failure to do so within such time as the Commissioner considers reasonable, the Commissioner shall report the matter to the stockholders of the bank or trust company either at a regular or special meeting. The Commissioner may call a special meeting of the stockholders for this purpose should the Commissioner deem it advisable.

Nothing in this section shall be deemed to limit or curtail the powers and duties of the Commissioner as provided in §§ 131-135 of this title.

Legislative History

37 Del. Laws, c. 132, § 1 ; Code 1935, § 2313; 5 Del. C. 1953, § 129; 49 Del. Laws, c. 129 ; 70 Del. Laws, c. 186, § 1