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§ 523. Actions by shareholders or members to enforce a secondary right

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 15 Pa.C.S.A. Corporations and Unincorporated AssociationsEffective: January 3, 2023

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 15 Pa.C.S.A. Corporations and Unincorporated Associations (Refs & Annos)
Part II. Corporations (Refs & Annos)
Subpart A. Corporations Generally
Chapter 5. Corporations
Subchapter C. Provisions Applicable to Particular Types of Corporations
Effective: January 3, 2023
15 Pa.C.S.A. § 523
§ 523. Actions by shareholders or members to enforce a secondary right
Currentness
(a) General rule.--A banking institution shall be governed by the provisions of Subchapter F of Chapter 17 (relating to derivative actions).1
(b) Deleted by 2022, Nov. 3, P.L. 1791, No. 122, § 26, effective in 60 days [Jan. 3, 2023].
(c) Definitions.--When applying the provisions of Subchapter F of Chapter 17, the following words and phrases shall have the meanings given to them in this subsection:
“Director.” Includes any individual performing the function of director, regardless of title.
“Member.” Includes depositors in a mutual banking institution.
“Shares.” Includes outstanding contracts or accounts of members in a mutual banking institution.

Credits

1988, Dec. 21, P.L. 1444, No. 177, § 103, effective Oct. 1, 1989. Amended 1990, Dec. 19, P.L. 834, No. 198, § 102, imd. effective; 2016, Nov. 21, P.L. 1328, No. 170, § 3, effective in 90 days [Feb. 21, 2017]; 2022, Nov. 3, P.L. 1791, No. 122, § 26, effective in 60 days [Jan. 3, 2023].

Footnotes

1
15 Pa.C.S.A. § 1781 et seq.
15 Pa.C.S.A. § 523, PA ST 15 Pa.C.S.A. § 523
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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