5 Del. Admin. Code § 711-1.0

Current through Register Vol. 28, No. 3, September 1, 2024

Section 711-1.0 - Scope

1.1 This regulation applies to every building and loan association regulated pursuant to Chapter 17, Title 5, Delaware Code. The purpose of this regulation is to provide the procedures and application for the conversion or the simultaneous conversion and acquisition (the "Simultaneous Transaction") of a building and loan association to a bank (the "Bank") which shall be deemed as having been formed under and which shall be governed by the provisions of Chapter 7 of Title 5 as provided for in Section 794 of Title 5, Delaware Code. If an application is made for conversion of a building and loan association pursuant to Section 794 of Title 5, Delaware Code, in connection with an application for acquisition pursuant to Subchapter IV of Chapter 8 of Title 5, Delaware Code, the application may cross-reference documents so that duplication is not necessary.