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Can you summarize 5 DECO Chapter 16?
Banks and Trust Companies > CORPORATION LAW FOR STATE SAVINGS BANKS
Short Summary
The provided legal document content pertains to the establishment and creation of savings banks in the state of Delaware. It specifies that savings banks shall be organized under and in accordance with the chapter mentioned. The document states that provisions relating to capital stock or stockholders of a savings bank do not apply to a savings bank without capital stock. It further mentions that every corporation created under this chapter is subject to and entitled to the benefit of the Delaware Code, including provisions that apply generally to banks and other general statutes regulating banks, trust companies, and corporations established under Title 8, as long as they are not inconsistent with the express provisions of this chapter. Additionally, every corporation created under this chapter is subject to the same taxation as fixed by the laws of Delaware for banks and trust companies. The document also clarifies that while this chapter may be amended or repealed by the General Assembly, such amendment or repeal does not take away or repeal any remedy against any corporation established under this chapter or its officers for any liability previously incurred. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Corporations organized under this chapter of the Delaware Code
What does it govern?
Establishment and creation of savings banks in the state of Delaware
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Delaware