Del. C. » Title 8 — · CHAPTER 1. General Corporation Law · Corporations
Delaware Code

8 Del. C. § 126 (2026)

Banking power denied

✓ current as of May 2026
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(a) No corporation organized under this chapter shall possess the power of issuing bills, notes, or other evidences of debt for circulation as money, or the power of carrying on the business of receiving deposits of money.

(b) Corporations organized under this chapter to buy, sell and otherwise deal in notes, open accounts and other similar evidences of debt, or to loan money and to take notes, open accounts and other similar evidences of debt as collateral security therefor, shall not be deemed to be engaging in the business of banking.

8 Del. C. 1953, §  126;  56 Del. Laws, c. 50;  57 Del. Laws, c. 148, §  4; 
Notes of Decisions
Cited in 2 cases (1 in the last 5 years), 2018–2023 · leading case: Sciabacucchi v. Salzberg (Del. Ch. 2018).
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Sciabacucchi v. Salzberg (Del. Ch. 2018). “8 Del. C. § 126(a). Third, a Delaware corporation that is designated as a private foundation under the Internal Revenue Code must comply with certain tax provisions, unless its charter provides that the restriction is inapplicable.”
New Enter. Assocs. 14, L.P. v. Rich (Del. Ch. 2023). “8 Del. C. § 126(a). A Delaware corporation that is designated as a private foundation under the Internal Revenue Code must comply with certain tax provisions, unless its charter provides that the restriction is inapplicable.”
— 8 Del. C. § 126(a) — 2 cases
Sciabacucchi v. Salzberg (Del. Ch. 2018). “8 Del. C. § 126(a). Third, a Delaware corporation that is designated as a private foundation under the Internal Revenue Code must comply with certain tax provisions, unless its charter provides that the restriction is inapplicable.”
New Enter. Assocs. 14, L.P. v. Rich (Del. Ch. 2023). “8 Del. C. § 126(a). A Delaware corporation that is designated as a private foundation under the Internal Revenue Code must comply with certain tax provisions, unless its charter provides that the restriction is inapplicable.”
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