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§ 1804. Certificate of election for voluntary dissolution

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. § 1804
§ 1804. Certificate of election for voluntary dissolution
(a) Contents of certificate--Immediately after the adoption and approval of a plan of dissolution under section 18031 of this act or, if the plan provides for continuance of the business of the institution unless an assumption of its liabilities becomes effective, immediately after such assumption becomes effective, the institution shall deliver to the department, together with applicable fees payable to the department, a certificate of election to dissolve which shall be signed by two of its duly authorized officers and which shall contain:
(i) the name of the institution,
(ii) the location and post office address of its principal place of business,
(iii) the name and address of its officers and directors, and
(iv) the number of shares entitled to vote on the plan of dissolution and the number of shares voted for and against the plan, respectively, and, if the shares of any class are entitled to vote as a class, the number of shares of such class and the number of shares of all other classes voted for or against the plan, respectively.
(b) Filing of certificate--If the Department of Banking has approved the plan of dissolution and if the certificate satisfies the requirements of this act, it shall deliver the certificate with its written approval to the Department of State which, upon payment of applicable fees and charges, shall issue to the institution the approved certificate of election to dissolve and shall make and retain a copy thereof.
(c) Effect of certificate--Upon the issuance of an approved certificate of an election to dissolve, the institution shall cease to carry on its business except insofar as may be necessary for the proper winding up thereof but its corporate existence shall continue until issuance of a certificate of dissolution under this act.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 1804. Amended 2012, Oct. 24, P.L. 1336, No. 170, § 54, effective in 60 days [Dec. 24, 2012].

Footnotes

7 P.S. § 1803.
7 P.S. § 1804, PA ST 7 P.S. § 1804
Current through 2022 Regular Session Act 121. Some statute sections may be more current, see credits for details.
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