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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1806. Articles of dissolution

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

(a) Contents--When all the liabilities of the institution have been discharged and all of its remaining assets have been distributed to its shareholders pursuant to section 1805,  1 articles of dissolution shall be signed by two duly authorized officers of the institution and shall contain:

(i) the name of the institution and the post office address of its principal place of business,

(ii) a statement that the institution has previously delivered a certificate of election to dissolve to the Department of Banking and the date on which the approved certificate was filed in the Department of State,

(iii) a statement that all liabilities of the institution have been discharged and that the remaining assets of the institution have been distributed to its shareholders, and

(iv) a statement that there are no suits pending against the institution.

(b) Action by Department of Banking--The articles of dissolution shall be delivered to the department together with any applicable filing fee. If the Department of Banking finds that the articles satisfy the requirements of this act, it shall deliver them with its written approval to the Department of State.

1 7 P.S. § 1805.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1806. Articles of dissolution - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-1806/

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