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§ 205. Persons bound by by-laws; execution of instruments

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 2. General Statement of Powers of Incorporated Institutions; By-Laws (Refs & Annos)
Effective: December 24, 2012
7 P.S. § 205
§ 205. Persons bound by by-laws; execution of instruments
(a) The by-laws of an incorporated institution shall not affect contracts or other dealings with persons who do not have actual knowledge of such by-laws.
(b) Without regard to any other form of execution provided in the by-laws, an instrument in writing, or any assignment or endorsement thereof, executed or entered into between an incorporated institution and any person and signed by the president and by the cashier or treasurer of the institution, shall be held to have been properly executed for and in behalf of the institution.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 205. Amended 2012, Oct. 24, P.L. 1336, No. 170, § 10, effective in 60 days [Dec. 24, 2012].
7 P.S. § 205, PA ST 7 P.S. § 205
Current through 2022 Regular Session Act 40. Some statute sections may be more current, see credits for details.
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