Home Table of Contents

§ 1602. Authority to merge or consolidate

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 16. Mergers, Consolidations and Certain Other Fundamental Transactions (Refs & Annos)
Effective: December 24, 2012
7 P.S. § 1602
§ 1602. Authority to merge or consolidate
(a) Upon compliance with the requirements of this chapter one or more institutions and one or more national banks, Federal savings banks and interstate banks, without regard to whether any such interstate bank maintains branches in this Commonwealth at the time of a merger or consolidation, may merge or consolidate into a national bank or Federal savings bank and, with the approval by the department, may merge with or into an institution or consolidate into a new institution or merge a nonbank subsidiary into an institution, provided that the institution can engage in activities conducted by the subsidiary as principal, except that a trust company may enter into a merger or consolidation only with another trust company, a bank and trust company, a national bank or a Federal savings bank which has fiduciary powers or a stock savings bank under section 1609.1
(b) The authority of an institution to merge or consolidate into a national bank shall be subject to the condition that at the time of the transaction the laws of the United States shall authorize a national bank located in this Commonwealth, without approval by the Comptroller of the Currency of the United States, to merge or consolidate into an institution under limitations and conditions no more restrictive than those contained in this chapter with respect to the merger or consolidation of an institution into a national bank.


1965, Nov. 30, P.L. 847, No. 356, § 1602. Amended 1969, Aug. 1, P.L. 211, § 1; 1995, July 6, P.L. 271, No. 39, § 12, imd. effective; 2012, Oct. 24, P.L. 1336, No. 170, § 48, effective in 60 days [Dec. 24, 2012].


7 P.S. § 1609.
7 P.S. § 1602, PA ST 7 P.S. § 1602
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document