§ 801 — Definitions

As used in this subchapter:

(1) “Bank” means a bank or trust company created under this title or a national banking association created under the National Bank Act (12 U.S.C. § 21 et seq.) after February 18, 1981.

(2) “Out-of-state bank holding company” has the meaning specified in the Bank Holding Company Act of 1956, as amended (12 U.S.C. § 1841 et seq.).

(3) “Commissioner” means the State Bank Commissioner of the State of Delaware.

(4) “Divest” means to transfer all interest, legal or equitable, to a person or other entity in which the transferor has no interest, direct or indirect, or which has no interest, direct or indirect, in the transferor.

(5) “Located in this State” means, with respect to state-chartered banks, banks created under the law of this State and, with respect to national banking associations, banks whose organization certificate identifies an address in this State as the place at which its discount and deposit operations are to be carried out.

(6) “Subsidiary” means, with respect to an out-of-state bank holding company:

a. Any company 25% or more of whose voting shares is directly or indirectly owned or controlled by such bank holding company, or is held by it with power to vote; or

b. Any company the election of a majority of whose directors is controlled in any manner by such bank holding company.

Legislative History

63 Del. Laws, c. 2, § 2 ; 63 Del. Laws, c. 186, §§ 3, 4 ; 68 Del. Laws, c. 303, § 15 ; 70 Del. Laws, c. 112, § 18