5 Del. Admin. Code § 713-4.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 713-4.0 - Other Activities

4.1 A bank may apply to the Commissioner for permission to exercise its incidental powers under 5 Del.C. § 761 (a)(17) by engaging, either directly or through a subsidiary, in any activity that is not specified in Section 3.0 of this regulation.

4.1.1 The bank's application must describe the proposed activity in detail and demonstrate that the activity is within the powers, rights, privileges and franchises incident to a banking corporation, and is also necessary and proper to the transaction of the business of the corporation within the meaning of 5 Del.C. § 761 (a)(17).

4.1.2 Upon receipt of the application, the Commissioner may require additional information appropriate to evaluate the request, and the application shall not be considered complete until such additional information is received.

4.1.3 Within 30 days of receiving the completed application, the Commissioner shall issue a written order approving or disapproving the bank's application. In issuing that order, the Commissioner shall consider all information that the bank has provided as well as the bank's general financial condition and performance.

4.1.4 The Commissioner may require that the activity be conducted only through a subsidiary, and may also impose any conditions related to the conduct of the activity that are necessary or appropriate to the bank's safety and soundness, as the Commissioner may determine.

5 Del. Admin. Code § 713-4.0

4 DE Reg. 1995 (06/01/01)