Delaware Code Title 5 Sec. 1621 – Incorporators; number and qualifications
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Three or more persons of lawful age, at least 2 of whom must be citizens of this State, who associate themselves by a written agreement, hereinafter called “articles of association,” for the purpose of forming a savings bank may, upon compliance with this chapter, become a corporation, with the powers conferred by this chapter and subject to the regulations prescribed by this chapter and subject also to the regulations prescribed for banks and trust companies by any general statute of this State.
Terms Used In Delaware Code Title 5 Sec. 1621
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lawful age: means the age of 18 years or older. See Delaware Code Title 1 Sec. 302
- savings bank: as used in this chapter , refers to a corporation organized under this chapter. See Delaware Code Title 5 Sec. 1601
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Statute: A law passed by a legislature.