Pennsylvania Statutes Title 7 P.S. Banks and Banking § 106. Corporations authorized to act as fiduciary

(i) a bank and trust company, a trust company and, to the extent provided in this act, a savings bank,

(ii) a non-profit corporation,

(iii) an incorporated institution or other corporation, to the extent that it executes a trust for its own use, or for the benefit of its own employes or for a purpose in connection with its business,

(iv) a corporation to the extent it engages in liquidating and winding-up the business and affairs of another corporation, other than an incorporated institution, for the benefit of the creditors and shareholders of such other corporation, and

(v) an association to the extent it acts as a trustee, as authorized by the act of December 14, 1967 (P.L. 746, No. 345),  1 known as the “Savings Association Code of 1967,” under a trust plan or instrument which satisfies the requirements of the Self-employed Individuals Tax Retirement Act.  2

(i) the state laws pursuant to which the incorporated institution is operating provide equivalent privileges to an incorporated institution chartered by the Commonwealth,

(ii) the incorporated institution complies with the minimum capital requirements of section 1102,  3 and

(iii) the incorporated institution provides written notice to the department at least thirty days prior to the commencement of fiduciary activities, which notice shall be accompanied by documentation of its authorization to conduct fiduciary activities issued by the appropriate regulatory authority of the jurisdiction in which the institution is chartered or organized, acknowledgment by the appropriate regulatory authority of the jurisdiction in which the institution is chartered or organized that equivalent privileges are provided to incorporated institutions chartered within this Commonwealth, proof the institution complies with the minimum capital requirements of section 1102 and a certificate of authority to do business in this Commonwealth issued by the Department of State pursuant to 15 Pa.C.S. Ch. 41 (relating to foreign business corporations).