CHAPTER 92
AN ACT to Amend an Act Entitled "An Act to Create the Office of State Bank Commissioner and to Define the Powers and Duties of Said Commissioner" Being Chapter 111, Volume 30, Laws of Delaware, as the Same Is Amended by Chapter 89, Volume 36, Laws of Delaware.
Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That the Act entitled "An Act to create the office of State Bank Commissioner and to define the powers and duties of said Commissioner," being Chapter 111, Volume 30, of the Laws of Delaware, as the same is amended by Chapter 89, Volume 36 of the Laws of Delaware, be and the same is hereby amended as follows:
(1) By striking out the following words in lines six and seven of Section 1, namely, "He shall give bond to the State in the sum of $20,000.00," and by substituting in lieu thereof the following words "He shall give bond to the State in the sum of $50,000.00."
(2) By striking out Section 2 and by substituting in lieu thereof a new Section 2 as follows:
"Section 2. The said State Bank Commissioner shall have power to appoint a deputy and to employ such examiners, clerks and other assistants as shall be necessary for the making of examinations of and giving adequate supervision over the corporations under his jurisdiction and lending such aid and counsel to the officers and directors of said corporations as the situation or the circumstances may require, and, in general, for the proper conduct of the affairs of the office and to discharge in a proper manner the duties imposed upon him by law. The tenure, duties, and compensation of the persons so appointed or employed shall be determined by the said Commissioner.
Provided, however, that the Commissioner shall not increase his force beyond a deputy, two examiners and a clerk except by and with the approval of the Governor; and, provided further, that the salaries or compensation of the several appointees or employees under this section shall be fixed by the said Commissioner by and with the approval of the Governor; and provided also that the total cost of the Banking Department including all salaries, compensation and expenses shall not in any one year exceed one-third of the estimated receipts from taxes, licenses and examination fees collectible by the said Commissioner for said year, such estimate to be made on the basis of the actual collections made by the Commissioner during the year next preceding such estimate. The persons appointed or employed by the said Commissioner shall give bond to the State, the Deputy in the sum of Twenty-Five Thousand Dollars, and each of the other appointees in the sum of Ten Thousand Dollars for the faithful performance of their respective duties, provided that the Commissioner may in his discretion remit the giving of bond in the case of persons appointed for temporary assistance. The said bonds shall be approved by the Governor and filed in the office of the Secretary of State. In the event of the removal, resignation, death or disability of any person so appointed or employed, the vacancy may be filled by the Commissioner."
(3) By striking out Section 3 and by substituting in lieu thereof a new Section 3 as follows :
"Section 3. The State Bank Commissioner, his Deputy and examiners shall be selected with respect to their knowledge of and experience in banking and accounting. They shall be residents of the State of Delaware except that when necessary, the Commissioner may make temporary appointments of persons who are not residents of this State. The said Commissioner and his appointees shall not be stockholders in any corporation coming under the provisions of this Act."
(4) By striking out Section 4 and by substituting in lieu thereof a new Section 4 as follows :
"Section 4. The principal office of the said State Bank Commissioner shall be in the State House at Dover. The necessary expenses of said office, the costs of the bonds required to be given by the said Commissioner and his appointees, the salaries or compensation of the said Commissioner, his Deputy and other appointees, and the necessary expenses incurred by them in the performance of their respective duties shall be paid by the State Treasurer when and as vouchers therefor are presented to him by the said Commissioner ; provided that the sum total of the payments made by the said Treasurer under the provisions of this Section shall not in any one year exceed one-third of the estimated collections of the Banking Department for that year as hereinbefore provided ; and provided further that the salaries or compensation shall have received the approval of the Governor as aforesaid. The said Commissioner shall render an account monthly to the State Auditor of all taxes and charges received by him and shall pay the amount thereof to the State Treasurer."
(5) By striking out the following words in the first, second, third and fourth lines of Section 8 "that the said State Bank Commissioner in person, or by his deputy or clerk, or with their assistance, or the assistance of such additional clerks as he may temporarily employ" and by substituting in lieu thereof the following words "that the said State Bank Commissioner in person or by his deputy or other appointee or with their assistance."
(6) By striking out the following words in the twenty-fourth and twenty-fifth lines of said Section 8 "provided that the said Commissioner, his deputy or clerk" and by substituting in lieu thereof the following words "provided that the said Commissioner or the person making the examination at his direction."
(7) By striking out the following words in the third line of Section 11 "or by his deputy, or clerk," and by substituting in lieu thereof the following words "or by any of his appointees."
(8) By striking out the following words in the tenth and eleventh lines of said Section 11 "his deputy, and clerk, and any additional clerks temporarily employed by said Commissioner" and by substituting in lieu thereof the following words "and all his appointees."
(9) By striking out the following words in the fifteenth and sixteenth lines of said Section 11 "his deputy, or clerk, or clerks," and by substituting in lieu thereof the following words "or any of his appointees."
(0) By striking out the following words in the seventeenth, eighteenth and nineteenth lines of said Section 11 "his deputy, or clerk, or any one of the additional clerks temporarily employed by said Commissioner" and by substituting in lieu thereof the following words "or any of his appointees."
(1) By changing the number of Section 15 and Section 16 to Section 16 and Section 17 respectively.
(2) By making a new Section 15 as follows :
"Section 15. A Bank Advisory Board is hereby created. The said Board shall consist of four persons to be appointed by the State Bank Commissioner, one from each county and one at large. The said appointees shall be persons who have standing and experience in the business of banking and trust companies in the State of Delaware. The term of their appointment shall be determined by the said Commissioner but shall not extend beyond the term of office of the Commissioner making the appointment. Vacancies in the Board shall be filled by the Commissioner. Neglect or failure to attend any meeting of the Board called by the Commissioner shall be deemed to create a vacancy. The members of the Board shall receive no salaries or compensation but shall be paid their expenses incurred in the discharge of their duties, including mileage at the rate of six cents per mile. Such expenses shall be paid by the State Treasurer when and as vouchers therefor shall be presented by the said Commissioner. Said expenses shall be deemed a part of the expenses of the Banking Department.
"The duties of the members of the Bank Advisory Board shall be to aid and assist the State Bank Commissioner in an advisory capacity in the performance of his duties, and in the administration of the banking laws and the strengthening and improving of the banking situation of this State.
"No member of said Board shall be deemed or held to be liable or responsible in any manner whatever for any action taken by the Commissioner on the advice of such member.
"The said Commissioner is authorized and empowered to disclose to the members of such Board so much and such portion of the records in his office, including reports of examinations of corporations under his jurisdiction, as the said Commissioner shall deem proper or necessary.
"The members of the said Board shall be sworn not to disclose any fact or information which came to them by reason of their membership on said Board or in the performance of their duties on said Board."
Approved February 28, 1933.