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§ 1007. Approval of proposed institution 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 10. Incorporation (Refs & Annos)
7 P.S. § 1007
§ 1007. Approval of proposed institution by department
Currentness
(a) Upon receipt of an application for approval of a proposed institution the department shall conduct such investigation as it may deem necessary to ascertain whether:
(i) the articles and supporting items satisfy the requirements of this act;
(ii) the convenience and needs of the public will be served by the proposed institution;
(iii) the population density or other economic characteristics of the area primarily to be served by the proposed institution afford reasonable promise of adequate support for the institution;
(iv) the character and fitness of the incorporators, of the directors or trustees and of the proposed officers are such as to command the confidence of the community and to warrant the belief that the business of the proposed institution will be honestly and efficiently conducted;
(v) there has been or will be any violation of section 1003;1
(vi) except in the case of a mutual savings bank, the capital structure of the proposed institution is adequate in relation to the amount and character of the anticipated business of the institution and the safety of prospective depositors; and
(vii) the proposed institution will have sufficient personnel with adequate knowledge and experience to administer fiduciary accounts, if the institution were authorized to act as fiduciary.
(b) Within sixty days after receipt of the articles the Department of Banking shall make a determination whether to approve or disapprove the proposed institution on the basis of its investigation. In giving approval, the department may impose conditions to be satisfied prior to the issuance of a certificate of authorization under section 1010.2 If the Department of Banking shall approve the proposed institution with or without conditions, it shall deliver the articles with its written approval of the articles to the Department of State and notify the incorporators of its action. If the Department of Banking shall disapprove the proposed institution, it shall give written notice to the incorporators of its disapproval and a statement in detail of the reasons for its decision.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 1007. Affected 1971, June 3, P.L. 145, No. 6, § 1, (§ 509(a)(172)). Amended 1982, April 8, P.L. 262, No. 79, § 13, imd. effective.

Footnotes

1
7 P.S. § 1003.
2
7 P.S. § 1010.
7 P.S. § 1007, PA ST 7 P.S. § 1007
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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