Delaware § 135 Moratorium on deposit withdrawals and segregation of new deposits

Delaware Statutes

§ 135 — Moratorium on deposit withdrawals and segregation of new deposits

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

The Commissioner may, in addition to all other powers, whenever in the Commissioner’s judgment the circumstances warrant it, authorize any and all banks and trust companies under the Commissioner’s jurisdiction to:

(1)Extend for a period of 90 days, and for a further period if the Commissioner deems it expedient, payment of any time accounts where notice of withdrawal has been given or may thereafter be given;

(2)Postpone for any length of time the payment of any proportion of the deposits in demand accounts of any individual, firm or corporation as the Commissioner deems necessary and expedient, to be determined by the Commissioner according to the ability of any bank or trust company to pay such withdrawals;

(3)Receive new deposits which shall be segregated from the old deposits an

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The Commissioner may, in addition to all other powers, whenever in the Commissioner’s judgment the circumstances warrant it, authorize any and all banks and trust companies under the Commissioner’s jurisdiction to:

(1) Extend for a period of 90 days, and for a further period if the Commissioner deems it expedient, payment of any time accounts where notice of withdrawal has been given or may thereafter be given;

(2) Postpone for any length of time the payment of any proportion of the deposits in demand accounts of any individual, firm or corporation as the Commissioner deems necessary and expedient, to be determined by the Commissioner according to the ability of any bank or trust company to pay such withdrawals;

(3) Receive new deposits which shall be segregated from the old deposits and which shall not be subject to the restriction or limitations authorized by subdivisions (1) and (2) of this section. The new deposits shall be invested in such liquid assets as may be approved by the Commissioner in order that banks and trust companies may at all times have sufficient funds to meet the demands for withdrawal of such new deposits.

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