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Can you summarize 5 DECO Chapter 9?
Banks and Trust Companies > REGULATIONS GOVERNING BUSINESS OF BANKS AND TRUST COMPANIES
Short Summary
The legal document provides regulations and requirements for conducting banking business in Delaware. It covers various aspects such as the issuance of certificates to corporations, reporting obligations to the State Bank Commissioner, reserve requirements, limitations on loans and investments, restrictions on pledging or hypothecating assets, retirement pensions for employees, and provisions related to fiduciary accounts, insurance, and raffles. The document applies to banks, trust companies, savings banks, savings societies, national banks, out-of-state banks with branch offices in Delaware, federal savings associations, and other entities engaged in banking or fiduciary activities in Delaware. It provides exemptions for international banking facilities, certain transactions deemed to be in the public interest, and specific provisions related to minors, deposits of decedents, joint accounts, and fiduciary accounts. Penalties for non-compliance include fines, imprisonment, and appropriate proceedings by the State Bank Commissioner. Overall, the legal document aims to ensure the proper functioning and regulation of banks and trust companies in Delaware.
Whom does it apply to?
Banks, trust companies, savings banks, savings societies, national banks, out-of-state banks with branch offices in Delaware, federal savings associations, and other entities engaged in banking or fiduciary activities in Delaware.
What does it govern?
The legal document provides regulations and requirements for conducting banking business in Delaware.
What are exemptions?
Exemptions are provided for international banking facilities, certain transactions deemed to be in the public interest, and specific provisions related to minors, deposits of decedents, joint accounts, and fiduciary accounts.
What are the Penalties?
Penalties for non-compliance include fines, imprisonment, and appropriate proceedings by the State Bank Commissioner.
Jurisdiction
Delaware