2017 Delaware Code
Title 5 - Banking
CHAPTER 1. STATE BANK COMMISSIONER
Subchapter I General Provisions
§ 101. Definitions.

For the purpose of this Code and any other laws of this State relating to banks or banking, unless otherwise specifically defined, or unless another intention clearly appears, or unless the context requires a different meaning:

(1) "Affiliate" means a person that directly or indirectly through 1 or more intermediaries, controls or is controlled by or is under common control with, the person specified.

(2) "Automated service branch" means an automated teller machine, cash dispensing machine or other electronic facility located in this State installed or operated by any bank, remote from its main office or any branch office, by which funds may be deposited into or withdrawn from established accounts, advances may be obtained against previously authorized lines of credit, transfers of funds between accounts may be made, loan and other payments may be made or cash may be received or dispensed.

(3) "Bank" means every bank and every corporation conducting a banking business of any kind or plan whose principal place of business is in this State, except a national bank.

(4) "Banking organization" means:

a. A bank or bank and trust company organized and existing under the laws of this State;

b. A national bank, including a federal savings bank, with its principal office in this State;

c. An Edge Act corporation organized pursuant to § 25(a) of the Federal Reserve Act, 12 U.S.C. § 611 et seq., or a state chartered corporation exercising the powers granted thereunder pursuant to an agreement with the Board of Governors of the Federal Reserve System, and maintaining an office in this State;

d. A federal branch or agency licensed pursuant to § 4 and § 5 of the International Banking Act of 1978, 12 U.S.C. § 3101 et seq., to maintain an office in this State;

e. A foreign bank branch, foreign bank limited purpose branch or foreign bank agency organized pursuant to Chapter 14 of this title, or a resulting branch in this State of a foreign bank authorized pursuant to Chapter 14 of this title; or

f. A resulting branch in this State of an out-of-state bank (as defined in § 795 of this title, and also including branch offices in this State of an out-of-state bank, as defined in § 795 of this title).

(5) The terms "borrowing," "deposit" and "extension of credit" as they relate to the activities of international banking facilities shall have the meanings ascribed to them in pertinent regulations adopted by the Board of Governors of the Federal Reserve System, as such regulations may be amended from time to time.

(6) "Capital stock" means both common stock and preferred stock.

(7) "Commissioner" means the State Bank Commissioner.

(8) "Control" means, directly or indirectly or acting through one or more other persons, to own, control or have the power to vote 25 percent or more of any class of voting securities, to control in any manner the election of a majority of the directors or trustees, or to exercise a controlling influence over the management or policies of a bank, trust company, other financial institution or any other company.

(9) "Financial institution" means any bank, trust company or other institution or person either licensed under this title or subject to the supervision and regulation of the State Bank Commissioner.

(10) "Foreign bank" means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. The term "foreign bank" includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign companies are organized or operating.

(11) "Foreign bank agency" means an office in this State of a foreign bank that is exercising the powers authorized by § 1404(b) of this title.

(12) "Foreign bank branch" means an office in this State of a foreign bank that is exercising the powers authorized by § 1404(a) of this title.

(13) "Foreign bank limited purpose branch" means an office in this State of a foreign bank that is exercising the powers authorized by § 1404(c) of this title.

(14) "Foreign country" means any country other than the United States, and includes any colony, dependency or possession of any such country.

(15) "International banking facility" means a set of asset and liability accounts, segregated on the books and records of a banking organization, that includes only international banking facility deposits, borrowings and extensions of credit.

(16) "International banking transaction" means any of the following transactions, whether engaged in by a banking organization, any foreign branch thereof (established pursuant to § 771 of this title or federal law) or any subsidiary corporation directly or indirectly owned by any banking organization:

a. The financing of the exportation from, or the importation into, the United States or between jurisdictions abroad of tangible property or services;

b. The financing of the production, preparation, storage or transportation of tangible personal property or services which are identifiable as being directly and solely for export from, or import into, the United States or between jurisdictions abroad;

c. The financing of contracts, projects or activities to be performed substantially abroad, except those transactions secured by a mortgage, deed of trust or other lien upon real property located in this State;

d. The receipt of deposits or borrowings or the extensions of credit by an international banking facility, except the loan or deposit of funds secured by mortgage, deed of trust or other lien upon real property located in this State;

e. The underwriting, distributing and dealing in debt and equity securities outside of the United States and the conduct of any activities permissible to a banking organization described in subsection (4)c. of this section, or any of its subsidiaries, in connection with the transaction of banking or other financial operations; or

f. The entering into foreign exchange trading or hedging transactions in connection with the activities described in paragraphs a. through e. of this subdivision.

(17) "National bank" means a banking association organized under the authority of the United States and having a principal place of business in this State.

(18) "Person" means an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated association or any other form of entity not specifically listed herein.

(19) "Representative office" means an office in this State of a foreign bank that is exercising the powers authorized by § 1423 of this title.

(20) "Subsidiary" means any association, corporation, partnership, statutory trust, business trust or other similar organization, having offices and exercising its powers within or without the State, that is controlled by a bank, trust company, other financial institution or any other company through:

a. Direct or indirect ownership or control of 25 percent or more of the voting rights;

b. Control of the election of majority of the directors; or

c. The power, directly or indirectly, to exercise a controlling influence over the management or policies of the organization.

(21) "Trust company" means a trust company or corporation or limited liability company doing a trust company business which has a principal place of business in this State.

32 Del. Laws, c. 103, § 1; Code 1935, §§ 2274, 2289; 5 Del. C. 1953, § 101; 60 Del. Laws, c. 349, § 1; 61 Del. Laws, c. 544, § 1; 64 Del. Laws, c. 43, § 2; 65 Del. Laws, c. 444, § 2; 66 Del. Laws, c. 27, § 2; 68 Del. Laws, c. 303, §§ 1, 2; 69 Del. Laws, c. 165, §§ 1-4; 70 Del. Laws, c. 16, §§ 1, 2; 70 Del. Laws, c. 112, §§ 1-4; 71 Del. Laws, c. 254, § 2; 72 Del. Laws, c. 15, § 2; 72 Del. Laws, c. 35, §§ 2-5; 73 Del. Laws, c. 329, § 3; 76 Del. Laws, c. 383, § 1.;