5 Del. Admin. Code § 1501-3.0

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

Section 1501-3.0 - Hearing; Notice of Hearing

3.1 If a Notice of Intent and the exhibits thereto filed with the Commissioner are in the form required by this regulation and otherwise conform to applicable provisions of law, the Commissioner shall fix a time, place and date (which shall be within 90 days of the receipt of the Notice of Intent, but not before the expiration of 35 days from the date of the second publication referred to in paragraph 3.2 of this section) for the holding of a hearing on the Application. Within five days following the filing of a Notice of Intent, the Commissioner shall notify the Incorporator making such filing of the date, time and place fixed for the hearing, and shall inform the Incorporator of the right to present evidence, to be represented by counsel or other representatives and of the Commissioner's obligation to reach a decision based upon evidence of record. Thereafter, the Commissioner shall direct the Incorporator to publish a notice of the filing of the Notice of Intent and of the holding of a hearing thereon, in such form as the Commissioner shall approve and containing the information required under 3.2 of this section. Such notice shall be published at least once a week for two successive weeks in one or more newspapers of general circulation designated by the Commissioner, at least one of which newspapers shall be published in the county where it is proposed to establish the Bank.

3.2 The published notice required under paragraph 3.1 of this section shall: describe the subject matter of the proceedings; list the name of the Incorporator; set forth the name of the proposed Bank; specify the city or town where the Bank is to be located; specify the amount of its capital stock; give the date, time and place fixed for a hearing on the application; cite the law (5 Del.C. § 1514 ) and regulation (State Bank Commissioner Regulation No. 1501 (formerly 5.1513.0001) giving the Commissioner authority to act; inform interested persons of an opportunity to present evidence, to be represented by counsel, and to appear personally or by other representatives; and state the Commissioner's obligation to reach a decision based upon evidence of record.