§ 903 — Issuance of certificate to transact business

(a) The Commissioner shall not give any certificate required by § 902 of this title until satisfied by proper evidence that all the requirements of the charter of the corporation applying for the certificate and all the requirements of this Code and any other laws of this State applicable to such a case have been complied with and that the whole capital stock has been fully paid in cash, unless the charter shall expressly provide otherwise.

(b) No certificate shall be issued until the corporation has filed with the Commissioner a duly certified copy of its charter and all amendments thereof, and a copy of its bylaws; and thereafter the corporation shall file with the Commissioner a duly certified copy of every subsequent amendment of its charter and of every subsequent amendment of its bylaws and a failure to file within 30 days after any amendment of its charter or bylaws has been effected, shall render the corporation liable to a penalty of $50 to be sued for by the Commissioner in the name of the State if the Commissioner considers such failure to have been wilful.

(c) A fee of $5,750 for every certificate shall be required by the Commissioner before issuing the same.

(d) In addition, the applicant shall pay an investigation fee of $1,150 which shall not be refundable and shall be submitted with the application.

Legislative History

32 Del. Laws, c. 103, §§ 3, 22 ; 38 Del. Laws, c. 93, § 1(8) ; Code 1935, §§ 2291, 2310; 5 Del. C. 1953, § 903; 62 Del. Laws, c. 247, §§ 1, 2 ; 68 Del. Laws, c. 303, § 20 ; 70 Del. Laws, c. 186, § 1