§ 751 — Acquisition or sale of assets, assumption of liabilities, consolidation and merger; Commissioner’s approval; title to property

Delaware § 751

• Jurisdiction: Delaware
• Title: 5
• Part: Banks and Trust Companies
• Ch. 7: CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES
• Subch.: Conduct of Internal Corporate Affairs

Text

(a) No bank or trust company doing business in this State, whether or not organized under this chapter, shall merge or consolidate with, sell any substantial portion of its assets to, or take over any substantial portion of the assets and/or assume the liabilities, in whole or in part, of any other bank or trust company, savings bank, national bank, federal savings association (as defined in the Home Owners’ Loan Act, 12 U.S.C. § 1461 et seq.) or out-of-state bank (as defined in § 795 of this title) (whether any of the foregoing 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 he or she be furnished with such information as to the assets and liabilities and as to the condition of the banks or trust companies concerned as he or she deems necessary or proper to determine whether to give or withhold his approval.

The State Bank Commissioner shall refuse his or her approval whenever in his opinion the transaction will weaken or tend to weaken any bank or trust company concerned.

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

Legislative History

37 Del. Laws, c. 131, § 1 ; 32 Del. Laws, c. 103 ; Code 1935, § 2314; 5 Del. C. 1953, § 751; 70 Del. Laws, c. 112, §§ 6, 7