The term "payment network" as used in this chapter means a nonstock member corporation incorporated under Title 8 which has
50 percent or more of its members organized as:
(1) Banks, thrifts, credit unions or other financial institutions, under the laws of this State, any other state, the laws
of a foreign country, the United States of America, a territory of the United States, Puerto Rico, Guam, American Samoa or
the Virgin Islands; or
(2) Organizations whose direct or indirect owners or members are financial institutions described in paragraph (1) of this
section above, and which has as its principal business the provision of payment network services.
75 Del. Laws, c. 233, § 1.;
§ 5002. Voting rights of members and selection of governing body.
Notwithstanding any other provision of the laws of this State contained in Title 8 or elsewhere:
(1) Unless otherwise provided in the certificate of incorporation of a payment network, or, if the certificate of incorporation
so provides, in its bylaws, each member shall be entitled at every meeting of members to 1 vote in person or by proxy;
(2) The election, appointment or designation of the members of the governing body of a payment network, including the voting
rights of members and rights of persons other than members with respect to election, appointment or designation of the members
of the governing body, shall be as provided in its bylaws, its certificate of incorporation, or both; and
(3) Any member action or corporate action with respect to the election, appointment or designation of the members of the governing
body of a payment network from and after its date of incorporation taken pursuant to the provisions of its bylaws, its certificate
of incorporation, or both, shall be deemed as having been taken under and shall be governed by this section.
75 Del. Laws, c. 233, § 1.;
§ 5003. Regulatory authority not created.
This chapter shall not subject a payment network not otherwise regulated by the State Bank Commissioner to any regulation
by the State Bank Commissioner.
The term "payment network" as used in this chapter means a nonstock member corporation incorporated under Title 8 which has
50 percent or more of its members organized as:
(1) Banks, thrifts, credit unions or other financial institutions, under the laws of this State, any other state, the laws
of a foreign country, the United States of America, a territory of the United States, Puerto Rico, Guam, American Samoa or
the Virgin Islands; or
(2) Organizations whose direct or indirect owners or members are financial institutions described in paragraph (1) of this
section above, and which has as its principal business the provision of payment network services.
75 Del. Laws, c. 233, § 1.;
§ 5002. Voting rights of members and selection of governing body.
Notwithstanding any other provision of the laws of this State contained in Title 8 or elsewhere:
(1) Unless otherwise provided in the certificate of incorporation of a payment network, or, if the certificate of incorporation
so provides, in its bylaws, each member shall be entitled at every meeting of members to 1 vote in person or by proxy;
(2) The election, appointment or designation of the members of the governing body of a payment network, including the voting
rights of members and rights of persons other than members with respect to election, appointment or designation of the members
of the governing body, shall be as provided in its bylaws, its certificate of incorporation, or both; and
(3) Any member action or corporate action with respect to the election, appointment or designation of the members of the governing
body of a payment network from and after its date of incorporation taken pursuant to the provisions of its bylaws, its certificate
of incorporation, or both, shall be deemed as having been taken under and shall be governed by this section.
75 Del. Laws, c. 233, § 1.;
§ 5003. Regulatory authority not created.
This chapter shall not subject a payment network not otherwise regulated by the State Bank Commissioner to any regulation
by the State Bank Commissioner.
The term "payment network" as used in this chapter means a nonstock member corporation incorporated under Title 8 which has
50 percent or more of its members organized as:
(1) Banks, thrifts, credit unions or other financial institutions, under the laws of this State, any other state, the laws
of a foreign country, the United States of America, a territory of the United States, Puerto Rico, Guam, American Samoa or
the Virgin Islands; or
(2) Organizations whose direct or indirect owners or members are financial institutions described in paragraph (1) of this
section above, and which has as its principal business the provision of payment network services.
75 Del. Laws, c. 233, § 1.;
§ 5002. Voting rights of members and selection of governing body.
Notwithstanding any other provision of the laws of this State contained in Title 8 or elsewhere:
(1) Unless otherwise provided in the certificate of incorporation of a payment network, or, if the certificate of incorporation
so provides, in its bylaws, each member shall be entitled at every meeting of members to 1 vote in person or by proxy;
(2) The election, appointment or designation of the members of the governing body of a payment network, including the voting
rights of members and rights of persons other than members with respect to election, appointment or designation of the members
of the governing body, shall be as provided in its bylaws, its certificate of incorporation, or both; and
(3) Any member action or corporate action with respect to the election, appointment or designation of the members of the governing
body of a payment network from and after its date of incorporation taken pursuant to the provisions of its bylaws, its certificate
of incorporation, or both, shall be deemed as having been taken under and shall be governed by this section.
75 Del. Laws, c. 233, § 1.;
§ 5003. Regulatory authority not created.
This chapter shall not subject a payment network not otherwise regulated by the State Bank Commissioner to any regulation
by the State Bank Commissioner.