Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1209. Meetings of shareholders

(a) Place--Meetings of the shareholders of an institution shall be held at such place within the Commonwealth as shall be fixed by the by-laws or by the board of directors pursuant to the by-laws or, if none is so fixed, at the principal place of business of the institution.

(b) Annual meeting--There shall be at least one meeting of shareholders in each calendar year for the election of directors. The time of such annual meeting shall be fixed by the by-laws or by the board of directors pursuant to the by-laws. If the annual meeting shall not be called and held during any calendar year, any shareholder may call such meeting at any time thereafter.

(c) Special meetings--Special meetings of the shareholders may be called at any time by the president, by the board of directors, by the shareholders entitled to cast at least one-fifth of the votes which all shareholders are entitled to cast at the particular meeting or by such other officers or persons as the by-laws may provide. Upon the written request of a person or persons who are entitled to call a special meeting, the secretary shall fix the date of such meeting to be held not more than sixty days after the receipt of the request and shall give due notice thereof. In the event of the secretary's failure within thirty days after the receipt of the request to fix the date or give the notice, the person or persons entitled to call the meeting may do so.

(d) Adjournments--Any meeting may be adjourned for any period except that a meeting at which directors are to be elected may be adjourned only from day to day or for such longer periods not in excess of fifteen days each as may be directed by the shareholders present in person or by proxy who are entitled to cast at least a majority of the votes which all such shareholders would be entitled to cast at an election of directors, until such directors have been elected.