Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1009. Effect of filing of articles in Department of State and of certificate of incorporation

(a) As of the filing of the articles in the Department of State, the corporate existence of the institution shall begin and, except in the case of a mutual savings bank, those persons who subscribed for shares prior to such filing of the articles, or their assignees, shall be shareholders in the institution.

(b) The certificate of incorporation shall be conclusive evidence of the fact that the institution has been incorporated but proceedings may be instituted by the Commonwealth to dissolve, wind up and terminate an institution which should not have been incorporated under this act or which was incorporated without a substantial compliance with the conditions prescribed by this act as precedent to incorporation.