§ 1409. Officers; share purchase and option plans
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 1409
§ 1409. Officers; share purchase and option plans
(a) Number--An institution shall have a president, a secretary and a cashier or treasurer and such other officers as it may authorize. The by-laws may provide that the same individual may hold any two or more offices except both the offices of president and of cashier or treasurer. The president shall be a member of the board of directors or trustees.
(b) Election and removal--Except as otherwise provided in the by-laws, the board of directors or trustees shall elect the officers, fix their compensation and fill vacancies however occurring. An officer elected or appointed by the board may be removed by the board at any time, without prejudice to any contract right of such officer.
(i) holds an office of the kind described in clauses (i) and (ii) of subsection 1403(c),1
(e) Share purchase and option plans--Unless otherwise provided in the articles, an institution may adopt and carry out a plan, approved by the department, for the sale of shares, or for the granting, with or without consideration, of options for shares, to some or all of the officers and employes of the institution or of any subsidiary corporation or to a trustee on their behalf, upon such terms and conditions and in such manner as may be provided by the by-laws or by the board. In any such plan:
(i) such shares need not be first offered to shareholders of the institution but authorized and unissued shares subject to preemptive rights may be issued and sold under the plan only with the written consent or affirmative vote of shareholders entitled to cast at least a majority of the votes which all shareholders entitled to exercise preemptive rights with respect thereto are entitled to cast,
Credits
1965, Nov. 30, P.L. 847, No. 356, § 1409.
Footnotes
7 P.S. § 1403.
7 P.S. § 1409, PA ST 7 P.S. § 1409
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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