5 Del. C. § 797H: Conversion by a family trust company to a limited purpose trust company [For application of this section, see 85 Del. Laws, c. 346, § 9].

(a) Upon written approval by the Commissioner, a family trust company may convert to a limited purpose trust company, as described in this section.

(b) A family trust company which follows the conversion procedures under Chapter 1 of Title 8 or Chapter 18 of Title 6, as applicable, to convert to a limited purpose trust company may be granted a certificate of public convenience and advantage with respect to a limited purpose trust company with the approval of the Commissioner; provided, however, that the granting of the certificate of public convenience and advantage and the conversion shall be deemed approved if no action is taken by the Commissioner within 30 days after receipt of the completed application in accordance with subsection (c) of this section.

(c) The family trust company may apply for a certificate of public convenience and advantage with respect to a limited purpose trust company and approval of the conversion by filing the following with the Commissioner:

(1) A certificate signed by its president and cashier or treasurer or equivalent officers and by a majority of its entire board of directors, setting forth the corporate action taken in compliance with the laws of this State.

(2) The plan of conversion and the proposed articles of association and bylaws (if applicable), approved by the stockholders or members of the family trust company, for the operation of the family trust company as a limited purpose trust company.

(3) Satisfactory evidence that at the effective time of the conversion, the limited purpose trust company will comply with the requirements set forth in subchapter V of this chapter.