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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1004. Articles of incorporation

Current as of January 01, 2026 | Updated by Findlaw Staff

(a) Execution--Articles of incorporation shall be signed by at least five of the incorporators in the case of a mutual savings bank and by each of the incorporators in any other case.

(b) Contents--The articles shall set forth in the English language:

(i) the name of the institution;

(ii) the location and post office address of its principal place of business, which shall be located within this Commonwealth;

(iii) a brief statement of the purpose or purposes for which it is incorporated and that it is incorporated under the provisions of this act;

(iv) the term for which it is to exist which may be perpetual;

(v) except in the case of a mutual savings bank, the aggregate number of shares which the institution shall have authority to issue and

(A) if the shares are to consist of one class only, the par value of each of the shares, or

(B) if the shares are to be divided into classes,

(I) the number of shares of each class that are to have a par value and the par value of each class and the number of shares of each class, if any, that are to be without par value,

(II) a statement of the designations, preferences, redemption provisions, qualifications, privileges, limitations, options, conversion rights and other special rights in respect of the shares of any class or series of any class, the fixing of which by the articles is desired, and

(III) a statement of such authority as may be desired to vest in the board of directors to fix by resolution any designations, preferences, redemption provisions, qualifications, privileges, limitations, options, conversion rights and other special rights in respect of the shares of any class or a series of any class that shall not be fixed in the articles;

(vi) the name, occupation, citizenship, place of residence and post-office address of each incorporator and, except in the case of a mutual savings bank, the number of shares to which he has subscribed;

(vii) the name, occupation, citizenship, place of residence and post-office address, in the case of a savings bank, of each of the first trustees and, in any other case, of each of the first directors who shall serve until the first annual meeting;

(viii) except in the case of a mutual savings bank, any provision which the incorporators may choose to insert granting to shareholders preemptive rights to subscribe to issues of shares or securities of the institution;  and

(ix) any provision not inconsistent with law which the incorporators may choose to insert for the regulation of the internal affairs and business of the institution.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1004. Articles of incorporation - last updated January 01, 2026 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-1004/

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