Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1416. Purchases from, and sales to, directors, trustees, officers, employes or attorneys of institutions and affiliates

(i) upon terms not less favorable to the institution than those offered to other persons, and

(ii) with the prior approval of a majority of all of the directors or trustees or members of an executive or other committee, other than a director or member of a committee having a direct or indirect personal interest in the transaction, unless the transaction is made in the regular course of business.