§ 167 — Definitions

Delaware § 167

• Jurisdiction: Delaware
• Title: 5
• Part: State Banking Agencies
• Ch. 1: STATE BANK COMMISSIONER
• Subch.: Change in Bank Control

Text

For purposes of this subchapter, the following words and phrases shall have the meanings ascribed to them herein:

(1) “Control” means the power, directly or indirectly, to direct the management or policies of a Delaware chartered bank or trust company or to vote 25 percent or more of any class of voting securities of such bank or trust company. For purposes of this subchapter, the acquisition of 10 percent or more of the voting stock of a Delaware chartered bank or trust company shall be presumed to constitute control if such institution has any class of voting securities registered under § 12 of the Securities Exchange Act of 1934 [15 U.S.C. § 78l] or if immediately after the transaction no other person will own an aggregate proportion of the class of voting securities.

(2) “Delaware chartered bank or trust company” includes any Delaware bank holding company or Delaware savings and loan holding company.

Legislative History

66 Del. Laws, c. 24, § 1 ; 69 Del. Laws, c. 165, §§ 10, 11 ; 71 Del. Laws, c. 25, § 5