§ 1803. Election for voluntary dissolution after commencement of business
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 1803
§ 1803. Election for voluntary dissolution after commencement of business
(b) Required vote--Adoption of the plan by the shareholders of the institution shall require the affirmative vote of the shareholders entitled to cast at least two-thirds of the votes which all shareholders are entitled to cast on the plan and, if any class of shareholders is entitled to vote on the plan as a class, of the holders of at least two-thirds of the outstanding shares of such class, at a meeting held upon not less than ten days’ notice to all shareholders.
(iii) if the plan involves an assumption of liabilities by another institution, such assumption would be consistent with adequate and sound banking and in the public interest on the basis of factors substantially similar to those set forth in subsection 1604(a)(iv).1 Within sixty days after receipt of the application, the department shall approve or disapprove the application on the basis of its investigation and shall immediately give to the institution written notice of its decision, and in the event of disapproval, a statement in detail of the reasons for its decision.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 1803. Affected 1971, June 3, P.L. 145, No. 6, § 1 (§ 509(a)(172)).
Footnotes
7 P.S. § 1604.
7 P.S. § 1803, PA ST 7 P.S. § 1803
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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