Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1011. Organization meetings

(a) After the filing of the articles in the Department of State, the first meeting of the shareholders shall be held within this Commonwealth at the call of the shareholders who were the incorporators, or a majority of them, for the purpose of adopting such by-laws as this act and the articles require to be adopted by the shareholders and for such other purposes as shall be stated in the notice of the meeting. The shareholders who call the meeting shall give to each shareholder at least five days’ written notice of the time and place of the meeting.

(b) After the filing of the articles in the Department of State, an organization meeting of the board of directors or trustees named in the articles shall be held within this Commonwealth at the call of a majority of the directors, for the purpose of adopting such by-laws as the articles authorize the directors or trustees to adopt, of electing officers and of transaction of such other business as may come before the meeting. The directors or trustees who call the meeting shall give to each director or trustee named in the articles at least five days’ written notice of the time and place of the meeting.