§ 1708. Effect of filing of articles of conversion in Department of State and of certificate of...
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 1708
§ 1708. Effect of filing of articles of conversion in Department of State and of certificate of conversion
(e) Authorized business--The resulting institution shall have the authority to engage only in such business and exercise only such powers as it would have upon original incorporation under this act and shall be subject to the same prohibitions and limitations as it would be subject to upon original incorporation.
(f) Liabilities--No liability of the national bank or interstate bank or of its shareholders, directors or officers shall be affected, nor shall any lien on any property of the national bank or interstate bank be impaired, by the conversion. Any claim existing or action pending by or against the national bank or interstate bank may be prosecuted to judgment as if the conversion had not taken place or the resulting institution may be substituted in its place.
1965, Nov. 30, P.L. 847, No. 356, § 1708. Amended 1995, July 6, P.L. 271, No. 39, § 15, imd. effective.
7 P.S. § 1708, PA ST 7 P.S. § 1708
Current through 2023 Regular Session Act 32. Some statute sections may be more current, see credits for details.
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