Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-10. Books, records and accounts of associations

(a) An association may maintain its books of account on a cash, accrual, or modified accrual basis, as determined by the board of directors.

(b) An association shall enter on its books a complete and accurate account of all its assets, whether the assets are in its name or the names of others, at values which shall not exceed the actual cost of the assets to the association unless prior approval so to do is received from the department.

(c) An association shall enter on its books a complete and accurate account of its liabilities and of its savings accounts and of its members.

(d) An association shall set out in full on its records any pledge or assignments of assets.

(e) An association may not cause to be performed by contract or otherwise, accounting or bookkeeping services for itself, whether on or off its premises, unless assurances satisfactory to the department are furnished to the department by both the association and the person performing such service that the performance thereof will be subject to regulation and examination by the department to the same extent as if such service were being performed by the association itself on its own premises. For the purpose of this subsection (e) “services” shall mean clerical, bookkeeping, accounting and statistical.

(f) Any officer, director or employe of an association who knowingly violates any of the provisions of this section shall be subject to the penalty provisions of this act.