This chapter provides for the creation of credit card institutions, chartered under the laws of this State, including institutions
that accept collateral for extensions of credit by holding deposits under $100,000, and by other means that engage only in
credit card operations, do not accept demand deposits or deposits that the depositor may withdraw by check or similar means
for payment to third parties or others, do not accept any savings or time deposit of less than $100,000, maintain only one
office that accepts deposits and do not engage in the business of making commercial loans, and are excepted from the definition
of "bank" in the Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq.
70 Del. Laws, c. 112, § 77; 72 Del. Laws, c. 15, § 18.;
§ 1502. Applicability of other laws.
A corporation formed under and pursuant to this chapter shall be known as a "credit card institution", shall be subject to
regulation by the State Bank Commissioner to the same extent as a bank organized under Chapter 7 of this title and shall be
deemed and held to be subject to this title, and to any other general statute of this State making provision for the regulation
of banks, where any of the foregoing are not inconsistent with the express provisions of this chapter.
70 Del. Laws, c. 112, § 77.;
§ 1503. Taxation.
Every corporation created under and pursuant to this chapter, and every corporation whose charter or certificate of incorporation
is amended under this chapter, shall be subject to the same taxation which shall be fixed by the laws of this State for banks
and trust companies.
70 Del. Laws, c. 112, § 77.;
§ 1504. Reserved power of State to amend or repeal chapter.
This chapter may be amended or repealed at the pleasure of the General Assembly, but such amendment or repeal shall not take
away or repeal any remedy against any corporation established under this chapter, or its officers, for any liability which
shall have been previously incurred. This chapter and all amendments thereof shall be part of the charter or certificate of
incorporation of every corporation formed under this chapter.
70 Del. Laws, c. 112, § 77.;
§ 1505. Corporate name.
No corporation formed under this chapter shall use the words "savings" or "trust" in its title or name.
This chapter provides for the creation of credit card institutions, chartered under the laws of this State, including institutions
that accept collateral for extensions of credit by holding deposits under $100,000, and by other means that engage only in
credit card operations, do not accept demand deposits or deposits that the depositor may withdraw by check or similar means
for payment to third parties or others, do not accept any savings or time deposit of less than $100,000, maintain only one
office that accepts deposits and do not engage in the business of making commercial loans, and are excepted from the definition
of "bank" in the Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq.
70 Del. Laws, c. 112, § 77; 72 Del. Laws, c. 15, § 18.;
§ 1502. Applicability of other laws.
A corporation formed under and pursuant to this chapter shall be known as a "credit card institution", shall be subject to
regulation by the State Bank Commissioner to the same extent as a bank organized under Chapter 7 of this title and shall be
deemed and held to be subject to this title, and to any other general statute of this State making provision for the regulation
of banks, where any of the foregoing are not inconsistent with the express provisions of this chapter.
70 Del. Laws, c. 112, § 77.;
§ 1503. Taxation.
Every corporation created under and pursuant to this chapter, and every corporation whose charter or certificate of incorporation
is amended under this chapter, shall be subject to the same taxation which shall be fixed by the laws of this State for banks
and trust companies.
70 Del. Laws, c. 112, § 77.;
§ 1504. Reserved power of State to amend or repeal chapter.
This chapter may be amended or repealed at the pleasure of the General Assembly, but such amendment or repeal shall not take
away or repeal any remedy against any corporation established under this chapter, or its officers, for any liability which
shall have been previously incurred. This chapter and all amendments thereof shall be part of the charter or certificate of
incorporation of every corporation formed under this chapter.
70 Del. Laws, c. 112, § 77.;
§ 1505. Corporate name.
No corporation formed under this chapter shall use the words "savings" or "trust" in its title or name.
This chapter provides for the creation of credit card institutions, chartered under the laws of this State, including institutions
that accept collateral for extensions of credit by holding deposits under $100,000, and by other means that engage only in
credit card operations, do not accept demand deposits or deposits that the depositor may withdraw by check or similar means
for payment to third parties or others, do not accept any savings or time deposit of less than $100,000, maintain only one
office that accepts deposits and do not engage in the business of making commercial loans, and are excepted from the definition
of "bank" in the Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq.
70 Del. Laws, c. 112, § 77; 72 Del. Laws, c. 15, § 18.;
§ 1502. Applicability of other laws.
A corporation formed under and pursuant to this chapter shall be known as a "credit card institution", shall be subject to
regulation by the State Bank Commissioner to the same extent as a bank organized under Chapter 7 of this title and shall be
deemed and held to be subject to this title, and to any other general statute of this State making provision for the regulation
of banks, where any of the foregoing are not inconsistent with the express provisions of this chapter.
70 Del. Laws, c. 112, § 77.;
§ 1503. Taxation.
Every corporation created under and pursuant to this chapter, and every corporation whose charter or certificate of incorporation
is amended under this chapter, shall be subject to the same taxation which shall be fixed by the laws of this State for banks
and trust companies.
70 Del. Laws, c. 112, § 77.;
§ 1504. Reserved power of State to amend or repeal chapter.
This chapter may be amended or repealed at the pleasure of the General Assembly, but such amendment or repeal shall not take
away or repeal any remedy against any corporation established under this chapter, or its officers, for any liability which
shall have been previously incurred. This chapter and all amendments thereof shall be part of the charter or certificate of
incorporation of every corporation formed under this chapter.
70 Del. Laws, c. 112, § 77.;
§ 1505. Corporate name.
No corporation formed under this chapter shall use the words "savings" or "trust" in its title or name.