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Can you summarize 5 DECO 135?
Powers and Duties > Moratorium on deposit withdrawals and segregation of new deposits.
Short Summary
This provision, found in the Delaware Code under the State Banking Agencies section, grants the State Bank Commissioner the authority to authorize banks and trust companies under their jurisdiction to implement certain measures. These measures include extending the payment period for time accounts with withdrawal notices, postponing the payment of a portion of demand account deposits, and receiving new deposits that are segregated from existing deposits. The new deposits must be invested in liquid assets approved by the Commissioner to ensure sufficient funds are available for withdrawal requests. The provision aims to provide flexibility to banks and trust companies in managing their deposit obligations during certain circumstances as determined by the Commissioner.
Whom does it apply to?
Banks and trust companies under the jurisdiction of the State Bank Commissioner
What does it govern?
Moratorium on deposit withdrawals and segregation of new deposits
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Delaware