§ 1914. Voluntary dissolution of private bank
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 1914
§ 1914. Voluntary dissolution of private bank
(b) Certificate of election for voluntary dissolution--Immediately after adoption and approval of a plan of dissolution, the private bank shall deliver to the department a certificate of dissolution which shall be signed by the individual private banker or by two of the partners and which shall contain:
(c) Filing of certificate--If the Department of Banking has approved the plan of dissolution and if the certificate satisfies the requirements of this act and if all applicable fees and charges have been paid, the department shall issue to the private bank the approved certificate of election to dissolve and shall make and retain a copy thereof.
(e) Winding up--The private bank shall give notices, pay claims, dispose of unclaimed property, and make reports to the department in the same manner as an incorporated institution in voluntary dissolution is required to do by section 1805 of this act.1
(f) Possession by department--If during the course of dissolution proceedings it appears that the assets of the private bank will not be sufficient to discharge its liabilities, the department may take possession of the business and property of the institution and complete the dissolution in accordance with the provisions of the Department of Banking Code.
(g) Articles of dissolution--When all the liabilities of the private bank have been discharged and all its remaining assets have been distributed to the persons entitled thereto, articles of dissolution shall be signed by the individual private banker or by two of the partners and shall contain statements substantially similar to those required in articles of dissolution of an incorporated institution.
(h) Certificate of dissolution--The articles of dissolution shall be delivered to the department. If all applicable fees, charges and taxes required by law have been paid, the department shall immediately issue to the private bank a certificate of dissolution as of the date and time of filing with the approved articles of dissolution attached thereto and shall make and retain a copy of such certificate and articles. Upon the filing of the articles of dissolution, the existence of the private bank shall cease.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 1914. Amended 1980, May 21, P.L. 173, No. 51, § 14, imd. effective.
Footnotes
7 P.S. § 1805.
7 P.S. § 1914, PA ST 7 P.S. § 1914
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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