Ask Reggi Your Question Now
Can you summarize 5 DECO Chapter 8?
Banks and Trust Companies > ACQUISITION OF INTERESTS IN BANKING INSTITUTIONS; BANK HOLDING COMPANIES
Short Summary
This legal document governs the acquisition of interests in banking institutions and bank holding companies in Delaware. It applies to bank holding companies, corporations intending to become a Delaware bank holding company, out-of-state savings institutions, out-of-state savings and loan holding companies, out-of-state bank holding companies, and out-of-state bank holding company subsidiaries. The document outlines the requirements and procedures for acquiring or retaining ownership or control of Delaware institutions. It establishes the application process, which includes filing an application with the Commissioner for approval and providing specified information. The Commissioner will consider various factors in determining whether to approve the acquisition, such as the financial and managerial resources of the bank holding company, the future prospects of the company and the bank it will acquire, the financial history of the company, the potential concentration of resources or lessening of competition, and the convenience and needs of the public in Delaware. The Commissioner has the authority to examine all Delaware bank holding companies and their nonbank subsidiaries and may request copies of required reports. The document also allows for cooperative agreements with regulatory authorities for examinations of out-of-state bank holding companies or banks acquired by Delaware bank holding companies. The Commissioner has the power to take joint actions with other regulatory authorities or act independently to ensure the safety and soundness of Delaware banks and compliance with Delaware banking laws. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Bank holding companies, corporations intending to become a Delaware bank holding company, out-of-state savings institutions, out-of-state savings and loan holding companies, out-of-state bank holding companies, out-of-state bank holding company subsidiaries
What does it govern?
Acquisition of interests in banking institutions; bank holding companies
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Delaware