Delaware § 1539 Same — Acquisition of assets and assumption of liabilities; Commissioner’s approval; title to property

Delaware Statutes

§ 1539 — Same — Acquisition of assets and assumption of liabilities; Commissioner’s approval; title to property

Delaware § 1539

JurisdictionDelaware

Title5

PartBanks and Trust Companies

Ch. 15CREDIT CARD INSTITUTIONS

Subch.Conduct of Internal Corporate Affairs

This text of Delaware § 1539 (Same — Acquisition of assets and assumption of liabilities; Commissioner’s approval; title to property) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 5, § 1539 (2026).

Text

(a)No corporation organized under this chapter shall merge or consolidate with any other such corporation and no one shall take over any substantial portion of the assets of and/or assume a substantial portion of the liabilities, in whole or in part, of any such corporation (whether such corporation is then doing business or has ceased to do business or has surrendered its charter or has dissolved) unless and until such action shall be approved by the State Bank Commissioner.

(b)The Commissioner may require that the Commissioner be furnished with such information as to the assets and liabilities and as to the condition of the credit card institutions concerned as the Commissioner deems necessary or proper to determine whether to give or withhold the Commissioner’s approval.

(c)The Sta

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(a) No corporation organized under this chapter shall merge or consolidate with any other such corporation and no one shall take over any substantial portion of the assets of and/or assume a substantial portion of the liabilities, in whole or in part, of any such corporation (whether such corporation is then doing business or has ceased to do business or has surrendered its charter or has dissolved) unless and until such action shall be approved by the State Bank Commissioner.

(b) The Commissioner may require that the Commissioner be furnished with such information as to the assets and liabilities and as to the condition of the credit card institutions concerned as the Commissioner deems necessary or proper to determine whether to give or withhold the Commissioner’s approval.

(c) The State Bank Commissioner shall refuse approval whenever in the Commissioner’s opinion the transaction will weaken any credit card institution concerned.

(d) No title to any property shall pass where the transaction is in violation of this section.