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§ 1002. Incorporators

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 10. Incorporation (Refs & Annos)
7 P.S. § 1002
§ 1002. Incorporators
Currentness
(a) An institution may be incorporated by:
(i) fifteen or more adults, in the case of a mutual savings bank, and
(ii) three or more adults who shall each subscribe to shares of common stock with an aggregate par value of at least one thousand dollars ($1,000), in the case of any other institution.
(b) At least two-thirds of the incorporators shall be citizens of the United States or its territories or possessions and at least two-thirds shall be residents of Pennsylvania.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 1002. Amended 1982, April 8, P.L. 262, No. 79, § 13, imd. effective.
7 P.S. § 1002, PA ST 7 P.S. § 1002
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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