§ 1802. Voluntary dissolution prior to commencement 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. § 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:
(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 Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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