Home Table of Contents

§ 1416. Purchases from, and sales to, directors, trustees, officers, employes or attorneys of i...

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 14. Directors or Trustees; Officers, Employees and Attorneys (Refs & Annos)
7 P.S. § 1416
§ 1416. Purchases from, and sales to, directors, trustees, officers, employes or attorneys of institutions and affiliates
(a) An institution shall not purchase any asset from, or sell any asset to, any director, trustee, officer, employe or attorney of the institution or of an affiliate of the institution except:
(i) upon terms not less favorable to the institution than those offered to other persons, and
(ii) with the prior approval of a majority of all of the directors or trustees or members of an executive or other committee, other than a director or member of a committee having a direct or indirect personal interest in the transaction, unless the transaction is made in the regular course of business.
(b) A violation of this section shall be subject to the penalty provisions of this act.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 1416.
7 P.S. § 1416, PA ST 7 P.S. § 1416
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
End of Document