5 Del. Admin. Code § 1403-2.0

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

Section 1403-2.0 - General Powers

2.1 Foreign Bank Agency.

2.1.1 A "foreign bank agency", as defined in § 101 of Title 5 of the Delaware Code, shall be entitled to engage within the State of Delaware in the general business of banking in the State of Delaware, subject, however, to the limitations set forth in 5 Del.C. § 1404 (a)(1). The deposit taking authority of such agency, in addition to the authority expressly granted under § 1404, shall be co-extensive with the full authority which a federal agency operating in this State would have pursuant to the provisions of the International Banking Act of 1978 as amended.

2.2 Foreign Bank Limited Purpose Branch

2.2.2 A "foreign bank limited purpose branch", as defined in § 101 of Title 5 of the Delaware Code, shall be entitled to engage in all the activities of a foreign bank agency and, in addition, may accept such deposits as would be permissible for a corporation organized under § 25A of the Federal Reserve Act (12 U.S.C. § 611etseq.).

2.3 Foreign Bank Representative Office.

2.3.1 A foreign bank representative office may conduct within the State of Delaware representative activities intended to promote banking services offered by and originating from an office or offices of the foreign bank located outside the State of Delaware. A foreign bank representative office is prohibited from either offering or contracting for any product or service within the State of Delaware which would constitute the doing of a general banking business in Delaware.

5 Del. Admin. Code § 1403-2.0