§ 202. Additional powers of incorporated institutions related to conduct of business
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012
Effective: December 24, 2012
7 P.S. § 202
§ 202. Additional powers of incorporated institutions related to conduct of business
An incorporated institution shall have in addition to other powers granted by this act or its articles and subject to the limitations and restrictions contained in this act or in its articles:
(a) Agency for United States--the power to act as agent of the United States or of any instrumentality or agency thereof for the sale, issue or redemption of bonds, notes or other obligations of the United States, or those for the payment of which the full faith and credit of the United States is pledged, and to pledge its assets for the faithful performance of its duties as such agent;
(d) Stock in corporation holding realty and facilities--The power to acquire and hold in an amount approved by the Department, shares of stock of a corporation which owns real property which the institution could acquire and hold in its own name under clauses (i), (ii) and (iii) of subsection (e) of this section and shares of stock of a corporation solely for the purpose of providing data processing facilities for the institution or for the institution and others;
(iii) acquires solely or jointly with others for the purpose of providing data processing facilities for the institution or for the institution and others subject to the limitation that the book value of all such real property, of all furniture, fixtures and equipment acquired in connection with any real property owned or leased by the institution, of all alterations of buildings on real property owned or leased by the institution, of all shares of stock or corporations acquired under subsection (d) of this section, and investments in obligations of or for the benefit of corporations described in subsection (d) of this section or loans upon the security of the stock of such corporations shall not exceed one hundred percent of the aggregate of surplus, unallocated reserves, undivided profits and subordinated securities in the case of a mutual savings bank, or one hundred percent of the aggregate of capital, surplus, undivided profits and capital securities in the case of any other institution, or such larger amount as may be approved by the department, and subject to the requirement that estimates of costs of any building on real property owned or leased by the institution shall be submitted to the department for its approval prior to the erection thereof;
(h) Property acquired for prior debt--The power to acquire and hold, irrespective of any restriction or limitation of this act, any property or a security interest in any property as protection against loss on an evidence of indebtedness, on an agreement for the payment of money or on an investment security, previously acquired lawfully and in good faith, subject to:
(ii) disposition within a period of twenty-four months after the date of acquisition or such longer period as the department may approve of shares of its own stock so acquired and of shares of stock of a bank, bank and trust company, trust company or national bank held after such acquisition in excess of the limitation of section 311(d)1 of this act;
(k) Delivery service--the power to pick up from and deliver to customers cash or other valuables relating to financial services provided by the incorporated institution using a contract carrier or employes or affiliates of the incorporated institution. No separate authorization or approval by the department shall be required for an incorporated institution to provide delivery service, provided that the incorporated institution complies with other laws and regulations applicable to the provision of delivery service.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 202. Amended 1968, Nov. 27, P.L. 1104, No. 345, § 1; 1970, July 23, P.L. 597, No. 199, § 3; 1982, April 8, P.L. 262, No. 79, § 3, imd. effective; 2000, Nov. 22, P.L. 660, No. 89, § 4, imd. effective; 2012, Oct. 24, P.L. 1336, No. 170, § 9, effective in 60 days [Dec. 24, 2012].
Footnotes
7 P.S. § 311.
7 P.S. § 202, PA ST 7 P.S. § 202
Current through 2023 Regular Session Act 7. Some statute sections may be more current, see credits for details.
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