5 Del. Admin. Code § 709-1.0

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

Section 709-1.0 - Scope

1.1 This regulation applies to every Bank and Trust Company, or Limited Purpose Trust Company (hereinafter referred to as a "Bank") chartered under Chapter 7 of Title 5.

1.2 The purpose of this regulation is to prescribe the criteria to be applied by the State Bank Commissioner (the "Commissioner") in determining what constitutes a reasonable period of time within which a corporation created pursuant to Chapter 7 of Title 5 shall be actively engaged in the business for which it was created.