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§ 1216. Voting shares held by incorporated institutions and other corporations

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 12. Shares and Shareholders
7 P.S. § 1216
§ 1216. Voting shares held by incorporated institutions and other corporations
Currentness
(a) An incorporated institution or other corporation which holds shares of an institution, or an incorporated institution which holds shares of a corporation, may vote the shares by:
(i) its president or a vice-president in the case of an incorporated institution or any of its officers in the case of any other corporation,
(ii) a proxy appointed by its president or a vice-president in the case of an incorporated institution or by any officer in the case of any other corporation, or
(iii) a person appointed its general or special proxy by resolution of its board of directors or trustees or a provision of its articles or by-laws, a copy of which, certified to be correct by one of its officers, shall have been filed before the vote is taken with the secretary of the institution or corporation in which the shares are held.
(b) Treasury shares of an institution shall not be voted directly or indirectly at any meeting and shall not be counted in determining the total number of outstanding shares for voting purposes at any time.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 1216.
7 P.S. § 1216, PA ST 7 P.S. § 1216
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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