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·Title 5·Part Banks and Trust Companies·Ch. 15 CREDIT CARD INSTITUTIONS·Subch. Conduct of Internal Corporate Affairs

(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

Free access — add to your briefcase to read the full text and ask questions with AI

(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.

Delaware § 1539 (Same — Acquisition of assets and assumption of liabilities; Commissioner’s approval; title to property) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.