Delaware § 773 Definitions

Delaware Statutes

§ 773 — Definitions

Delaware·Title 5·Part Banks and Trust Companies·Ch. 7 CORPORATION LAW FOR STATE BANKS AND TRUST COMPANIES·Subch. Limited Purpose Trust Companies

As used in this subchapter:

(1)“Affiliate” means a person that directly, or indirectly through 1 or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. “Control” means beneficial ownership directly, or indirectly through 1 or more intermediaries, of more than 50 per centum of the voting securities or partnership interests in any person other than an individual.

(2)“Loans” means consumer loans for personal, property or household purposes, mortgage loans and commercial loans other than to affiliates.

(3)“Located in the State” means, with respect to state chartered banks or trust companies, banks or trust companies created under the laws of this State and, with respect to national banking associations, banks or trust companies whose

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As used in this subchapter:

(1) “Affiliate” means a person that directly, or indirectly through 1 or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. “Control” means beneficial ownership directly, or indirectly through 1 or more intermediaries, of more than 50 per centum of the voting securities or partnership interests in any person other than an individual.

(2) “Loans” means consumer loans for personal, property or household purposes, mortgage loans and commercial loans other than to affiliates.

(3) “Located in the State” means, with respect to state chartered banks or trust companies, banks or trust companies created under the laws of this State and, with respect to national banking associations, banks or trust companies whose principal place of business is located in this State.

(4) “Trust company powers” means all of the powers, rights, privileges and franchises incident to a trust company established under subchapter IV of this chapter, except:

a. To receive deposits subject to check or to repayment upon presentation of a passbook, certificate or deposit or other evidence of debt, or upon request of the depositor; and

b. To make loans.

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