§ 7315. Retention of investments
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and Fiduciaries
20 Pa.C.S.A. § 7315
§ 7315. Retention of investments
A fiduciary, if he exercises the same care and prudence as he would in the case of an authorized investment, may retain without liability for resulting loss:
(3) shares of stock or other securities (and securities received as distributions in respect thereof) of a holding company subject to the Federal Bank Holding Company Act of 1956, as amended,1 received upon conversion of, or in exchange for, shares of stock or other securities of a bank or a holding company subject to the Federal Bank Holding Company Act of 1956, as amended, which the fiduciary was directed or authorized to retain, in the instrument establishing the trust or otherwise.
Credits
1972, June 30, P.L. 508, No. 164, § 2, eff. July 1, 1972; 1973, June 12, P.L. 62, No. 25, § 1, imd. effective. Amended 1984, Oct. 12, P.L. 929, No. 182, § 11, imd. effective.
Footnotes
12 U.S.C.A. § 1841 et seq.
20 Pa.C.S.A. § 7315, PA ST 20 Pa.C.S.A. § 7315
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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