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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1002. Incorporators

Current as of January 01, 2022 | Updated by FindLaw Staff

(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.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1002. Incorporators - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-1002/

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