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§ 1802. Voluntary dissolution prior to commencement of business

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 18. Voluntary and Involuntary Dissolution; Distribution of Assets upon Insolvency (Refs & Annos)
Effective: December 24, 2012
7 P.S. § 1802
§ 1802. Voluntary dissolution prior to commencement of business
(a) Articles of dissolution--An institution which has not transacted any business for which a certificate of authorization is required under this act may propose to dissolve by a vote of the holders of two-thirds of its shares and by delivering to the department articles of dissolution which shall be executed by two duly authorized officers or shareholders and which shall contain:
(i) the date of incorporation of the institution,
(ii) a statement that it has not transacted any business for which a certificate of authorization is required under this act,
(iii) a statement that all liabilities of the institution have been paid or provided for,
(iv) a statement that all amounts received on account of capital, surplus and expense fund, less amounts disbursed for expenses, have been returned to the persons entitled thereto, and
(v) the number of shares entitled to vote on the dissolution and the number of shares voted for and against it respectively.
(b) Action by Department of Banking--The articles of dissolution shall be delivered to the department together with any applicable filing fee. If the Department of Banking is satisfied that the institution has not conducted any business for which a certificate of authorization is required under this act and if it finds that the articles of dissolution satisfy the requirements of this act, it shall deliver them with its written approval to the Department of State and notify the institution of its action. If the Department of Banking shall disapprove the articles of dissolution, it shall give written notice to the institution of its disapproval and a statement in detail of the reasons for its decision.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 1802. Affected 1971, June 3, P.L. 145, No. 6, § 1 (§ 509(a)(172)). Amended 2012, Oct. 24, P.L. 1336, No. 170, § 54, effective in 60 days [Dec. 24, 2012].
7 P.S. § 1802, PA ST 7 P.S. § 1802
Current through 2022 Regular Session Act 114. Some statute sections may be more current, see credits for details.
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