Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1804. Certificate of election for voluntary dissolution

(a) Contents of certificate--Immediately after the adoption and approval of a plan of dissolution under section 1803  1 of this act or, if the plan provides for continuance of the business of the institution unless an assumption of its liabilities becomes effective, immediately after such assumption becomes effective, the institution shall deliver to the department, together with applicable fees payable to the department, a certificate of election to dissolve which shall be signed by two of its duly authorized officers and which shall contain:

(b) Filing of certificate--If the Department of Banking has approved the plan of dissolution and if the certificate satisfies the requirements of this act, it shall deliver the certificate with its written approval to the Department of State which, upon payment of applicable fees and charges, shall issue to the institution the approved certificate of election to dissolve and shall make and retain a copy thereof.

(c) Effect of certificate--Upon the issuance of an approved certificate of an election to dissolve, the institution shall cease to carry on its business except insofar as may be necessary for the proper winding up thereof but its corporate existence shall continue until issuance of a certificate of dissolution under this act.