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§ 6040-9. Method of incorporation

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)
Miscellaneous Laws
Chapter 51C. Business Development Credit Corporations (Refs & Annos)
7 P.S. § 6040-9
§ 6040-9. Method of incorporation
Currentness
(1) A corporation may be formed by five or more natural persons of full age and either sex, married or single, all of whom shall be residents of the Commonwealth of Pennsylvania and citizens of the United States and who each subscribe to at least one share of stock of the corporation.
(2) The articles of incorporation shall set forth:
(a) The name of the proposed corporation which shall include the words “Development Credit Corporation.”
(b) The purpose for which it is to be formed which shall be within the purposes and powers set forth in this act.
(c) The place in which the principal place of business is to be located and the mailing address of its office.
(d) The term of its existence, which shall be perpetual.
(e) The authorized capital stock of the proposed corporation.
(f) The names and addresses of the incorporators and the amount of their capital stock subscriptions.
(g) The names and residences of eight of the persons chosen for the temporary board of directors.
(h) The name and residence of the treasurer.
(i) The names and addresses of five financial institutions who shall all be parties to a contract theretofore made to execute a lending agreement with the corporation at the time of its incorporation.
(j) Any other provisions not inconsistent with law which the proposed corporation may see fit to adopt governing the relation and conduct of its affairs.
(3) Notice of the intention to apply for a charter shall be advertised, one time in a newspaper of general circulation, and one time in a legal newspaper printed in the county in which the principal place of business of the proposed corporation is to be located, which notice shall appear at least three days prior to the day the articles are to be presented to the Department of Banking and shall set forth briefly:
(a) The name of the proposed corporation.
(b) A statement that the proposed corporation is to be organized under the provisions of this act.
(c) The purpose or purposes of the proposed corporation.
(d) The time when the articles will be presented to the Department of Banking.

Credits

1959, Dec. 1, P.L. 1647, § 9. Amended 1963, Aug. 14, P.L. 830, § 1.
7 P.S. § 6040-9, PA ST 7 P.S. § 6040-9
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document