CHAPTER 23 - STOCK OF THE UNION NATIONAL BANK OF WILMINGTON
AN ACT TO PROVIDE FOR THE SALE OF TWO HUNDRED AND FIFTY-FOUR (254) SHARES OF THE CAPITAL STOCK OF THE UNION NATIONAL BANK OF WILMINGTON OWNED BY THE STATE.
WHEREAS, the' State of Delaware owns two hundred and fifty-four (254) shares of the capital stock of The Union National Bank of Wilmington, a corporation of the United States of America, which shares are in the school fund of the State; and
WHEREAS, the Board of Directors of the bank have requested the General Assembly to authorize and direct the sale of the said shares, giving as their reasons for such request that the bank receives no deposit or other business from the State of Delaware, and that it would be greatly to the interest of the bank if such shares were owned by the public, where they would change ownership from time to time and not remain "frozen", as in the continued ownership of the State; and
WHEREAS, the General Assembly desires to favor such request;
Now, therefore, be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That the Governor and State Treasurer be and they are hereby authorized and directed to sell the said two hundred and fifty-four (254) shares of stock of The Union National Bank of Wilmington at public sale for the best price that can be obtained for them, but in no event for less than the average market price of similar shares throughout the period of the last six months; and the Governor and State Treasurer are hereby authorized to assign and transfer the said shares to any purchaser or purchasers thereof and to execute in the name of the State all appropriate instruments in writing to effectuate such transfer.
Section 2. That the Governor and State Treasurer be and they are hereby authorized and directed to pay the net proceeds of the sale of such shares into the School Fund of the State.
Section 3. That the Governor and State Treasurer be and they are hereby authorized and directed to invest the net proceeds of the sale of such shares for the benefit of the School Fund of the State.
Approved April 12, 1935.