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§ 1106. Supervisory mergers or consolidations by department

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 17 Pa.C.S.A. Credit UnionsEffective: February 7, 2003

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 17 Pa.C.S.A. Credit Unions (Refs & Annos)
Chapter 11. Conversion, Merger and Consolidation
Effective: February 7, 2003
17 Pa.C.S.A. § 1106
§ 1106. Supervisory mergers or consolidations by department
Currentness
Notwithstanding any other provision of this title, the department may require a merger or consolidation of a credit union which is insolvent or is in danger of insolvency with any other credit union, Federal credit union or out-of-State credit union or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities and capital of, any other credit union, Federal credit union or out-of-State credit union if the department is satisfied that:
(1) an emergency requiring expeditious action exists with respect to such a credit union;
(2) other alternatives are not reasonably available; and
(3) the public interest would best be served by approval of such merger, consolidation, purchase or assumption.

Credits

1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months. Amended 2002, Dec. 9, P.L. 1572, No. 207, § 9, effective in 60 days.
17 Pa.C.S.A. § 1106, PA ST 17 Pa.C.S.A. § 1106
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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