5 Del. Admin. Code § 102-5.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 102-5.0 - Application Procedures

5.1 An application to form an Interim Bank shall be submitted as follows, except as otherwise provided in connection with a contemporaneous application in accordance with another regulation (e.g., Regulation 804 (formerly 5.844.0009), "Application by an Out-of-State Bank Holding Company to Acquire a Delaware Bank or Bank Holding Company"):

5.1.1 The Notice of Intent shall be filed in duplicate in the Office of the Commissioner and shall state:

5.1.1.1 The purpose for forming an Interim Bank;

5.1.1.2 The proposed name of the Interim Bank;

5.1.1.3 The name and address of the incorporators; and

5.1.1.4 The amount of the capital stock of the Interim Bank.

5.1.2 The Notice of Intent shall attach as exhibits:

5.1.2.1 The Interim Bank Agreement;

5.1.2.2 A copy of the proposed Articles of Association of the Interim Bank;

5.1.2.3 A copy either of the certificate of public convenience and advantage or the legislative and/or corporate instruments of banking authority for the Insured Bank which is to be merged with the Interim Bank pursuant to the Interim Bank Agreement.

5.1.3 Upon notification by the Commissioner that the Notice of Intent to form an Interim Bank is complete, the applicant shall cause to be published in a newspaper of general circulation throughout the State of Delaware, once a week for two (2) consecutive weeks, a Public Notice of its intention to form an Interim Bank. The Public Notice shall include the proposed name of the Interim Bank, the names of the incorporators, the amount of the capital stock of the Interim Bank, and a brief summary of the purpose of the Interim Bank, shall identify this regulation under which the Interim Bank is to be formed, and shall inform interested persons of their right to comment on the application before the Commissioner decides whether to approve the Interim Bank.

5 Del. Admin. Code § 102-5.0

22 DE Reg. 688 (2/1/2019) (Final)