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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) Signature--Every private bank which is required to obtain a new certificate of authorization shall file a written application with the department, which shall be signed in duplicate originals:
(i) in the case of a private bank owned and operated by an individual, by him, and
(ii) in the case of a private bank owned and operated by a partnership, by not less than two of the partners and also, in the case of a private bank filing an application by reason of the admission of a new partner or partners, by the partner or partners being admitted.
(b) Contents--The application shall be in the form prescribed by the department, and shall set forth:
(i) The name of the private bank;
(ii) the location of the place or places of business of the private bank;
(iii) the full name, residence, post-office address and citizenship of the individual applicant or of each partner of the applicant and the names and post-office addresses of the officers or agents in active charge of the business of the private bank;
(iv) the statement that, in the case of a private bank owned by an individual, he is a resident of Pennsylvania, and in the case of a private bank owned by a partnership, at least one partner is or is about to become a resident of Pennsylvania;
(v) in the case of a partnership, the partnership agreement, or a statement that the liability of each partner is unlimited;
(vi) a detailed statement of the resources, liabilities, and net worth of the private bank; and
(vii) any other information bearing upon its financial condition, which the department shall prescribe.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1903. Application for certificate of authorization - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-1903/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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