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§ 106. Corporations authorized to act as fiduciary

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 1. General Provisions (Refs & Annos)
Effective: December 24, 2012
7 P.S. § 106
§ 106. Corporations authorized to act as fiduciary
(a) Restriction of domestic corporations--No corporation existing under the laws of this Commonwealth may lawfully act as fiduciary except:
(i) a bank and trust company, a trust company and, to the extent provided in this act, a savings bank,
(ii) a non-profit corporation,
(iii) an incorporated institution or other corporation, to the extent that it executes a trust for its own use, or for the benefit of its own employes or for a purpose in connection with its business,
(iv) a corporation to the extent it engages in liquidating and winding-up the business and affairs of another corporation, other than an incorporated institution, for the benefit of the creditors and shareholders of such other corporation, and
(v) an association to the extent it acts as a trustee, as authorized by the act of December 14, 1967 (P.L. 746, No. 345), known as the “Savings Association Code of 1967,1” under a trust plan or instrument which satisfies the requirements of the Self-employed Individuals Tax Retirement Act.2
(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:
(i) the state laws pursuant to which the incorporated institution is operating provide equivalent privileges to an incorporated institution chartered by the Commonwealth,
(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).
(c) National banks and Federal savings banks--A national bank or Federal savings bank located in this Commonwealth which has authority under the laws of the United States to act as fiduciary may act as fiduciary in this Commonwealth.
(d) Penalties--A violation of subsection (a) or subsection (b) of this section shall be subject to the penalty provisions of this act.

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].

Footnotes

7 P.S. § 6020-1 et seq.
Generally disbursed throughout 26 U.S.C.A.
7 P.S. § 1102.
7 P.S. § 106, PA ST 7 P.S. § 106
Current through 2021 Regular Session Act 90. Some statute sections may be more current, see credits for details.
End of Document