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§ 103. Declaration of purposes; standards for exercise of power and discretion by department

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 1. General Provisions (Refs & Annos)
7 P.S. § 103
§ 103. Declaration of purposes; standards for exercise of power and discretion by department
(a) Purposes of the act--The General Assembly declares as its purposes in adopting this act to provide for:
(i) the safe and sound conduct of the business of institutions subject to this act,
(ii) the conservation of their assets,
(iii) the maintenance of public confidence in them,
(iv) the protection of the interests of their depositors, creditors and shareholders and of the interest of the public in the soundness and preservation of the banking system,
(v) the opportunity for institutions subject to this act to remain competitive with each other, with financial organizations existing under other laws of this Commonwealth, and with banking and financial organizations existing under the laws of other states, the United States and foreign countries,
(vi) the opportunity for institutions subject to this act to serve effectively the convenience and needs of their depositors, borrowers and other customers, to participate in and promote the economic progress of Pennsylvania and the United States and to improve and expand their services and facilities for those purposes,
(vii) the opportunity for the management of institutions to exercise their business judgment, subject to the provisions of this act, in conducting the affairs of their institutions, to the extent compatible with, and subject to, the purposes recited in the preceding clauses of this subsection (a),
(viii) a delegation to the department of adequate rule-making power and administrative discretion, subject to the provisions of this act and to the purposes stated in this subsection (a), in order that the supervision and regulation of institutions subject to this act may be flexible and readily responsive to changes in economic conditions and to changes in banking and fiduciary practices,
(ix) simplification and modernization of the law governing banking and governing the exercise of fiduciary and other representative powers by corporations, and
(x) authorization of institutions to participate fully in interstate banking and branching and to be competitive with interstate banking organizations based in other states.
(b) Standards to be observed by department--The purposes of this act stated in subsection (a) of this section shall constitute standards to be observed by the department in the exercise of its discretionary powers under this act, in the promulgation of rules and regulations, in the examination and supervision of institutions subject to this act and in all matters of construction and application of this act required for any determination or action of the department.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 103. Amended 1995, July 6, P.L. 271, No. 39, § 2, imd. effective.
7 P.S. § 103, PA ST 7 P.S. § 103
Current through 2022 Regular Session Act 20. Some statute sections may be more current, see credits for details.
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