§ 1303. Distributions of shares of institution
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 1303
§ 1303. Distributions of shares of institution
(a) Authorized distributions--The board of directors of an institution may distribute pro rata to holders of any class of its shares from time to time treasury shares and authorized but unissued shares of the institution, subject to the restrictions of this act and to the restrictions, if any, in its articles.
(c) When shareholder approval required--No distribution of shares of any class may be made to holders of shares of any other class unless the articles so provide or unless such distribution is authorized by the affirmative vote or written consent of the holders of a majority of the outstanding shares of the class in which the distribution is made.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 1303. Amended 1986, Dec. 18, P.L. 1702, No. 205, § 9, effective in 60 days.
7 P.S. § 1303, PA ST 7 P.S. § 1303
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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