Delaware Code Title 5 Sec. 761 – General powers of corporations organized under this chapter
(a) A corporation established under and in compliance with this chapter shall have power to:
(1) Sue and be sued, complain and defend in any court of law or equity;
(2) Make and use a common seal and alter the same at pleasure;
(3) Hold, purchase, convey, mortgage or lease real and personal property;
(4) Borrow and lend money;
(5) Discount bills, promissory notes or other evidences of debt;
(6) Receive deposits of money either on time or demand;
(7) Buy and sell gold and silver bullion and foreign money and coin;
(8) Purchase securities for the investment of the funds under its control and sell the same;
(9) Take mortgages and obligations of all kinds for payment of money for the investment of funds under its control and sell the same;
(10) Receive for safekeeping securities and all types of choses in action and all kinds of personal property;
(11) Keep deposit boxes and rent them to customers or patrons;
(12) Engage in the sale, distribution and underwriting of, and deal in, stocks, bonds, debentures, notes or other securities;
(13) Exercise the powers and engage in the activities permissible for such corporations through 1 or more subsidiaries;
(14) Act as an insurer and transact the business of insurance in accordance with the provisions of Title 18; except that no corporation established under and in compliance with this chapter shall have power to act as a title insurer and transact the business of title insurance;
(15) Act as guarantor or surety for the debt or obligation of another, including specifically but without limitation the rediscounting with recourse of commercial paper and the issuance of letters of credit as defined in § 5-103(1)(a) of Title 6 and standby letters of credit. As used herein, the term “standby letter of credit” includes every letter of credit (or similar arrangement however named or designated) which represents an obligation to the beneficiary on the part of the issuer to repay money borrowed by or advanced to or for the account of the customer, or to make payment on account of any evidence of indebtedness undertaken by the customer, or to make payment on account of any default by the customer in performance of an obligation. The terms “beneficiary,” “issuer” and “customer” as used herein have the same meaning as in § 5-103(1) of Title 6; and
(16) Authorize an affiliated insured depository institution (as those terms are defined in § 796 of this title) to engage in the authorized agency activities provided in § 796A of this title.
(17) Generally, use, exercise and enjoy all of the powers, rights, privileges and franchises incident to a banking corporation and, if established as a trust company, incident to a trust company, and which are necessary or proper for the transaction of the business of the corporation.
Terms Used In Delaware Code Title 5 Sec. 761
- banks: when used in this chapter, do not include such national banks, except as otherwise provided in subchapters VI and VII of this chapter. See Delaware Code Title 5 Sec. 701
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- 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.
(b) All powers conferred by this section are subject to and are to be construed as qualified by the limitations, restrictions and regulations prescribed by the Commissioner or in other sections of this chapter or by this Code or any other statute of this State providing regulations for banks and trust companies.
38 Del. Laws, c. 94, § ?15; Code 1935, § ?2384; 5 Del. C. 1953, § ?761; 66 Del. Laws, c. 27, § ?6; 67 Del. Laws, c. 223, § ?2; 70 Del. Laws, c. 112, § ?8;