§ 206. Interested directors and shareholders; quorum
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 206
§ 206. Interested directors and shareholders; quorum
(a) Voting requirements--Any transaction authorized under Chapter 16 of this act1 between an institution or subsidiary thereof and a shareholder of such an institution, or any transaction authorized under section 18032 of this act in which a shareholder is treated differently from other shareholders of the same class (other than any dissenting shareholders under section 16073 of this act), shall require the affirmative vote of the shareholders entitled to cast at least a majority of the votes which all shareholders other than the interested shareholder are entitled to cast with respect to the transaction, without counting the vote of the interested shareholder. For the purposes of the preceding sentence, interested shareholder shall include the shareholder who is a party to the transaction or who is treated differently from other shareholders and any person, or group of persons, that is acting jointly or in concert with the interested shareholder and any person who, directly or indirectly, controls, is controlled by or is under common control with the interested shareholder. An interested shareholder shall not include any person who, in good faith and not for the purpose of circumventing this subsection, is an agent, bank, broker, nominee or trustee for one or more other persons, to the extent that such other person or persons are not interested shareholders.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 206, added 1986, Dec. 18, P.L. 1702, No. 205, § 3, effective in 60 days.
7 P.S. § 206, PA ST 7 P.S. § 206
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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