§ 6040-10. Approval of articles of incorporation by the Department of Banking; issuance of cert...
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 6040-10
§ 6040-10. Approval of articles of incorporation by the Department of Banking; issuance of certificate of incorporation
A. The incorporators shall deliver, or cause to be delivered, to the Department of Banking, the articles of incorporation required by this act, proof of publication of the advertisement of their intention to file articles of incorporation, and two copies of the proposed by-laws for their general conduct of the corporation. The department shall examine the proof of publication and the articles to determine whether they contain all the information and are in the form required by this act.
(1) If the Department of Banking shall disapprove the articles because the requirements of section 9 of this act1 have not been complied with, it shall forthwith give notice thereof to the proposed incorporators, stating in detail its reasons for doing so and indicating how the incorporators can remedy their non-conformance with the provisions of this act. Upon remedying the defect or defects, the incorporators may, in the same manner, refile the articles as new or amended articles, whichever the particular case may require.
(2) If the Department of Banking finds that the articles of incorporation and proof of publication are in form prescribed by this act or have been made to conform therewith, the Department of Banking shall conduct such investigation as it may deem necessary to ascertain from the best sources of information at its command:
(c) Whether the responsibility, character and general fitness for the business of the incorporators, directors and officers named in the articles are such as to command confidence and to warrant the belief that the business of the proposed corporation will be honestly and efficiently conducted, in accordance with the intent and purpose of this act.
(3) If the Department of Banking shall, upon the basis of the facts disclosed by the investigation provided by this section, find that the proposed incorporation meets all the requirements of this act, it shall approve the articles and endorse its approval thereon and forward the same to the Department of State.
(4) If the Department of Banking shall, upon the basis of the facts disclosed by the investigation provided by this section, find that the proposed incorporation does not meet all the requirements of this act, it shall disapprove the articles and return them to the proposed incorporators stating in detail its reasons for doing so.
C. Immediately upon receipt of the approved articles of incorporation from the Department of Banking, the Department of State shall file the articles, and shall issue to the incorporators a certificate of incorporation in form similar to that issued to a business corporation in this Commonwealth, which shall incorporate the subscribers thereto and their associates and successors into a body politic and corporate, in deed and in law, by the name chosen. Said articles of incorporation shall be recorded in the office of the Department of State in a book to be kept for that purpose. Certified copies of the records thereof shall be competent evidence for all purposes in the courts of this Commonwealth.
Credits
1959, Dec. 1, P.L. 1647, § 10. Amended 1963, Aug. 14, P.L. 830, § 3.
Footnotes
7 P.S. § 6040-9.
7 P.S. § 6040-10, PA ST 7 P.S. § 6040-10
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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