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§ 1604. Approval of merger or consolidation by department

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 16. Mergers, Consolidations and Certain Other Fundamental Transactions (Refs & Annos)
7 P.S. § 1604
§ 1604. Approval of merger or consolidation by department
(a) Upon receipt of an application for approval of a merger or consolidation and of the supporting items required by subsection 1603(e),1 the department shall conduct such investigation as it may deem necessary to ascertain whether:
(i) the articles of merger or consolidation and supporting items satisfy the requirements of this act;
(ii) the plan and any modification thereof adequately protect the interests of depositors, other creditors and shareholders;
(iii) the requirements for a merger or consolidation under all applicable laws have been satisfied and the resulting institution would satisfy the requirements of this act applicable to it; and
(iv) the merger or consolidation would be consistent with adequate and sound banking and in the public interest on the basis of
(A) the financial history and condition of the parties to the plan,
(B) their prospects,
(C) the character of their management,
(D) the potential effect of the merger or consolidation on competition, and
(E) the convenience and needs of the area primarily to be served by the resulting institution.
(b) Within sixty days after receipt of the application, the articles of merger or consolidation and the applicable fee payable to the department, or within an additional period of not more than thirty days after an amendment to the application is received within the initial sixty day period, the department shall approve or disapprove the application on the basis of its investigation. The department shall immediately give to the parties to the plan 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, § 1604. Amended 1968, Nov. 27, P.L. 1104, No. 345, § 3. Affected 1971, June 3, P.L. 145, No. 6, § 1 (§ 509(a)(172)).

Footnotes

7 P.S. § 1603.
7 P.S. § 1604, PA ST 7 P.S. § 1604
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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