5 Del. Admin. Code § 711-2.0

Current through Register Vol. 28, No. 7, January 1, 2025

Section 711-2.0 - Notice of Intent

2.1 Notice of the intention of the directors of the building and loan association (the "Applicant") to convert a building and loan association to a bank or to engage in a Simultaneous Transaction ("Notice of Intent") shall be filed with the Commissioner.

2.2 A $1,000 non-refundable investigation fee shall be submitted with the Notice of Intent, payable to the "Office of the State Bank Commissioner."

2.3 The Notice of Intent shall specify:

(1) the names of all directors of the Bank at conversion or at the completion of the Simultaneous Transaction;

(2) the name of the Bank;

(3) the city or town of the building and loan association and the location of the Bank;

(4) the capital stock and paid-in-surplus of the Bank at conversion or at the completion of the Simultaneous Transaction;

(5) the identity of the Delaware bank holding company or out-of-state bank holding company in a Simultaneous Transaction.

2.4 The Notice of Intent of the directors shall have attached as exhibits:

(1) a copy of an application in such form as the Commissioner may from time to time prescribe, submitted and sworn to by the directors of the Applicant (Form A);

(2) a copy of the proposed Articles of Association;

(3) a proposed form of public notice as provided for under Section 4.0 of this Regulation (the "Public Notice");

(4) a copy of a corporate resolution, sworn to and certified by the Corporate Secretary, authorizing the directors to execute and file the Notice of Intent and Application on behalf of the Applicant; and

(5) a copy of the Application for Determination of Public Convenience and Advantage (Form B), executed by the proposed directors of the Bank.

5 Del. Admin. Code § 711-2.0