{"data":{"id":"us-de/5-del.-c.-776","jurisdiction":"us-de","citation":"5 Del. C. § 776","heading":"Organization; number of incorporators.","body":"(a) Except as otherwise required by this subchapter, the organization of a limited purpose trust company shall be governed by subchapter II of this chapter, provided that:\n(1) The articles of association of a limited purpose trust company shall specifically state that the formation of a limited purpose trust company is the purpose for which the subscribers thereto associate themselves;\n(2) Any application for a certificate of public convenience and advantage made with respect to a limited purpose trust company shall plainly state on its face that the application is for such a certificate with respect to a limited purpose trust company and not for a certificate with respect to a bank or trust company; and\n(3) Any certificate of public convenience and advantage issued by the Commissioner on such application shall similarly state on its face that such certificate approves the formation of a limited purpose trust company pursuant to this subchapter.\n(b) The number of persons who associate themselves for the purpose of forming a limited purpose trust company shall be no less than 3, except to the extent otherwise provided in § 722 of this title for a trust company that is formed as a limited liability company.","path":["Title 5. Banking","Banks and Trust Companies","CHAPTER 7. Corporation Law for State Banks and Trust Companies","Subchapter V. Limited Purpose Trust Companies"],"source_url":"https://delcode.delaware.gov/title5/c007/sc05/index.html#776","current_through":"2026-08-10 (85 Del. Laws, c. 421, 424)","vintage":"","retrieved_at":"2026-09-05T23:02:04Z","sha256":"077ecd3d89750bcb58a14f190f1b10e62d0cbd6ee2329698d08148ff15095852","source_id":"us-de","stale":true,"prev":"us-de/5-del.-c.-775","next":"us-de/5-del.-c.-777"},"notice":"GroundRules: Original legal text. Not legal advice."}