There Is a Newer Version
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the Delaware Code
2014 Delaware Code
Title 5 - Banking
CHAPTER 16. CORPORATION LAW FOR STATE SAVINGS BANKS
Subchapter IV Powers and Prohibitions
§ 1663. Loans on security of and purchase of its own capital stock
Universal Citation:
2 DE Code § 1663 (2014 through 146th Gen Ass)
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No corporation established under this chapter shall directly or indirectly make a loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. The stock so purchased or acquired shall, within 6 months after its purchase or acquisition, be sold or disposed of at public or private sale.
71 Del. Laws, c. 25, § 35.;
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