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§ 203. Additional powers related to conduct of business of incorporated institutions other than...

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: November 22, 2000

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 2. General Statement of Powers of Incorporated Institutions; By-Laws (Refs & Annos)
Effective: November 22, 2000
7 P.S. § 203
§ 203. Additional powers related to conduct of business of incorporated institutions other than trust companies
A bank, a bank and trust company and a savings bank shall have in addition to other powers granted by this act or its articles and subject to the limitations and restrictions contained in this act or in its articles:
(a) Membership in Federal Reserve System--the power to become a member of the Federal Reserve System, to hold shares of stock in a Federal Reserve Bank, to take all actions incident to maintenance of such membership and to exercise all powers, not inconsistent with provisions of this act, conferred on member banks by the Federal Reserve Act;1
(b) Insurance by F.D.I.C.--the power to become an insured bank pursuant to the Federal Deposit Insurance Corporation Act and to take all actions incident to maintenance of an insured status thereunder; and
(c) Insured Loans--the power to make application for and to obtain insurance of loans pursuant to national housing legislation.
(d) Subsidiaries--in addition to the power to acquire and hold interests in a subsidiary permissible under section 201(c)(iii), (iv) and (v),2 the power to acquire and hold, without limitation of amount, the stock of subsidiary corporations engaged in activities permissible for such institution and activities permissible under the Bank Service Corporation Act (Public Law 87-856, 12 U.S.C. § 1861 et seq.), subject to any conditions, limitations and restrictions comparable to those which may be imposed pursuant to section 201(c)(iii), (iv) and (v) and to notice and review as provided by section 201(e).
(e) Membership in Federal Home Loan Bank--the power to become a member of the Federal Home Loan Bank System, to hold shares of stock in a Federal Home Loan Bank, to take all actions incident to maintenance of such membership and to exercise all powers, not inconsistent with provisions of this act, conferred on member banks.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 203. Amended 1982, Dec. 17, P.L. 1367, No. 313, § 1, imd. effective; 1984, July 6, P.L. 621, No. 128, § 1, imd. effective; 1990, Dec. 18, P.L. 766, No. 191, § 4, imd. effective; 2000, Nov. 22, P.L. 660, No. 89, § 5, imd. effective.

Footnotes

12 U.S.C.A.
7 P.S. § 201.
7 P.S. § 203, PA ST 7 P.S. § 203
Current through 2022 Regular Session Act 40. Some statute sections may be more current, see credits for details.
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