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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1709. Authority for conversion of institution into national bank

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

(a) An institution may convert into a national bank upon:

(i) authorization by and compliance with the laws of the United States, and

(ii) adoption of a plan of conversion by the affirmative vote of at least:

(A) a majority of its directors, and

(B) the holders of two-thirds of each class of its shares at a meeting held upon not less than ten days’ notice to all shareholders--

subject to the condition that at the time of the transaction, the laws of the United States shall authorize a national bank located in this Commonwealth, without approval by the Comptroller of the Currency of the United States, to convert into an institution under limitations and conditions no more restrictive than those contained in this chapter with respect to conversion of an institution into a national bank.

(b) An institution which converts into a national bank shall:

(i) notify the department of the proposed conversion,

(ii) provide such evidence of the adoption of the plan of conversion as the department may request,

(iii) notify the department of any abandonment or disapproval of the plan, and

(iv) file with the Department of Banking and with the Department of State a certificate of the approval of the conversion by the Comptroller of the Currency of the United States.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1709. Authority for conversion of institution into national bank - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-1709/

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