§ 1102. Conversion from Federal credit union
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 17 Pa.C.S.A. Credit UnionsEffective: February 7, 2003
Effective: February 7, 2003
17 Pa.C.S.A. § 1102
§ 1102. Conversion from Federal credit union
Within 60 days after receipt of the articles of conversion, the department shall, upon the basis of the facts disclosed by its investigation, either approve or disapprove such articles.
(c) Approval action.--If the department approves the articles, it shall register its approval thereon and shall forward them to the Department of State for filing. Immediately upon receipt of the approved articles of conversion, the Department of State shall file the articles. The conversion shall become effective immediately upon such filing and the converted credit union shall have all the rights, privileges, immunities and franchises of the Federal credit union, except that it shall not thereafter acquire authority to engage in any business or exercise any right which is forbidden to a credit union when originally incorporated under this title.
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. § 1102, PA ST 17 Pa.C.S.A. § 1102
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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