§ 106. Corporations authorized to act as fiduciary
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012
Effective: December 24, 2012
7 P.S. § 106
§ 106. Corporations authorized to act as fiduciary
(b) Foreign fiduciaries--No corporation or other legal entity existing under the laws of a state other than this Commonwealth may act in this Commonwealth as fiduciary, except that an incorporated institution possessing fiduciary powers pursuant to the laws of another state shall have the same power to engage in fiduciary activities within this Commonwealth as a national banking association acting pursuant to 12 U.S.C. § 92a or a Federal savings association 12 U.S.C. § 1464(n), provided that:
(ii) the incorporated institution complies with the minimum capital requirements of section 1102,3 and
(iii) the incorporated institution provides written notice to the department at least thirty days prior to the commencement of fiduciary activities, which notice shall be accompanied by documentation of its authorization to conduct fiduciary activities issued by the appropriate regulatory authority of the jurisdiction in which the institution is chartered or organized, acknowledgment by the appropriate regulatory authority of the jurisdiction in which the institution is chartered or organized that equivalent privileges are provided to incorporated institutions chartered within this Commonwealth, proof the institution complies with the minimum capital requirements of section 1102 and a certificate of authority to do business in this Commonwealth issued by the Department of State pursuant to 15 Pa.C.S. Ch. 41 (relating to foreign business corporations).
Credits
1965, Nov. 30, P.L. 847, No. 356, § 106. Amended 1969, June 30, P.L. 99, § 1; 1980, May 21, P.L. 173, No. 51, § 2, imd. effective; 1995, July 6, P.L. 271, No. 39, § 4, imd. effective; 2000, Nov. 22, P.L. 660, No. 89, § 2, imd. effective; 2012, Oct. 24, P.L. 1336, No. 170, § 3, effective in 60 days [Dec. 24, 2012].
7 P.S. § 106, PA ST 7 P.S. § 106
Current through Act 18 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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