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§ 1502. Authorized amendments

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 15. Amendment of Articles (Refs & Annos)
7 P.S. § 1502
§ 1502. Authorized amendments
(a) An institution may, in the manner provided in this chapter, amend its articles at any time in order to make any change therein including without limitation an amendment:
(i) to adopt a new name permitted to be used under this act,
(ii) to increase the term for which it is to exist or to provide for perpetual existence,
(iii) to change, add to or diminish the statement of its purpose or purposes,
(iv) to increase or diminish the aggregate number of shares which it has authority to issue or to reclassify the shares by changing the number, par value, designations, preferences, redemption provisions or relative, participating, optional or other special rights of the shares or the qualifications, limitations or restrictions of such rights, either with or without an increase or decrease in the number of shares, or
(v) to restate the articles in their entirety.
(b) Articles as amended under this section must be such as would be authorized as original articles under this act except that articles restated in their entirety shall state the location and post office address of the current instead of the original principal place of business of the institution and need not state the names or other information concerning the first directors or trustees or the incorporators.

Credits

1965, Nov. 20, P.L. 847, No. 356, § 1502.
7 P.S. § 1502, PA ST 7 P.S. § 1502
Current through 2022 Regular Session Act 114. Some statute sections may be more current, see credits for details.
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