Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1914. Voluntary dissolution of private bank

(a) Plan of dissolution--A private bank may elect to dissolve voluntarily upon:

(b) Certificate of election for voluntary dissolution--Immediately after adoption and approval of a plan of dissolution, the private bank shall deliver to the department a certificate of dissolution which shall be signed by the individual private banker or by two of the partners and which shall contain:

(c) Filing of certificate--If the Department of Banking has approved the plan of dissolution and if the certificate satisfies the requirements of this act and if all applicable fees and charges have been paid, the department shall issue to the private bank the approved certificate of election to dissolve and shall make and retain a copy thereof.

(d) Effect of certificate--Upon the issuance of an approved certificate of an election to dissolve, the private bank shall cease to carry on its business except insofar as may be necessary for the proper winding up thereof.

(e) Winding up--The private bank shall give notices, pay claims, dispose of unclaimed property, and make reports to the department in the same manner as an incorporated institution in voluntary dissolution is required to do by section 1805 of this act.  1

(f) Possession by department--If during the course of dissolution proceedings it appears that the assets of the private bank will not be sufficient to discharge its liabilities, the department may take possession of the business and property of the institution and complete the dissolution in accordance with the provisions of the Department of Banking Code.

(g) Articles of dissolution--When all the liabilities of the private bank have been discharged and all its remaining assets have been distributed to the persons entitled thereto, articles of dissolution shall be signed by the individual private banker or by two of the partners and shall contain statements substantially similar to those required in articles of dissolution of an incorporated institution.

(h) Certificate of dissolution--The articles of dissolution shall be delivered to the department. If all applicable fees, charges and taxes required by law have been paid, the department shall immediately issue to the private bank a certificate of dissolution as of the date and time of filing with the approved articles of dissolution attached thereto and shall make and retain a copy of such certificate and articles. Upon the filing of the articles of dissolution, the existence of the private bank shall cease.