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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1506. Approval of articles of amendment by department

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Upon receipt of the articles of amendment the department shall conduct such investigation as it may deem necessary to determine whether:

(i) the articles of amendment and supporting items satisfy the requirements of this act,

(ii) the interests of its depositors and the convenience and needs of the public will be served by the amendment, in a case in which the amendment increases the term for which the institution is to exist, increases its authorized capital or adds to the statement of its purpose or purposes,

(iii) the remaining capital of the institution will be adequate to support its anticipated deposit volume, in a case in which the amendment decreases its authorized capital, and

(iv) the institution will have sufficient personnel with adequate knowledge and experience to administer fiduciary accounts, in a case in which the amendment authorizes the institution to act as fiduciary.

(b) Within sixty days after receipt of the articles of amendment the Department of Banking shall approve or disapprove the articles of amendment on the basis of its investigation. If the Department of Banking shall approve the articles of amendment, it shall deliver them with its written approval to the Department of State and notify the institution of its action. If the Department of Banking shall disapprove the articles of amendment, it shall give written notice to the institution of its disapproval and a statement in detail of the reasons for its decision.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1506. Approval of articles of amendment by department - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-1506/

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