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§ 1702. Authority for conversion of national bank or interstate bank into institution

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 17. Conversions
7 P.S. § 1702
§ 1702. Authority for conversion of national bank or interstate bank into institution
Currentness
A national bank or interstate bank may, subject to the provisions of this chapter, convert into an institution upon:
(a) authorization by and compliance with the laws of the United States or of the jurisdiction under which the interstate bank exists,
(b) adoption of a plan of conversion by the affirmative vote of at least:
(i) a majority of its directors, and
(ii) the holders of two-thirds of each class of its shares at a meeting held upon not less than ten days' notice to all shareholders, and
(c) approval by the department.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 1702. Amended 1995, July 6, P.L. 271, No. 39, § 13, imd. effective.
7 P.S. § 1702, PA ST 7 P.S. § 1702
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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