Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-133.1. Dissolution

Notwithstanding section 1207,  1 a PSAIC insured association which fails to file a substantially complete application for Federal insurance of its accounts as an insured institution or an application with the department or any Federal banking regulator as required by law for merger with an existing federally insured institution or an application to merge with or convert to a credit union within the time period set forth in section 823  2 may be subject to the imposition of a plan of dissolution by the department. The distribution of assets shall be in accordance with section 1208.  3 Additionally, the department may appoint a conservator to the association who shall have full authority to wind up the affairs of the association, including filing dissolution documents with the department or other relevant agency. The board of directors and the members shall have no authority upon appointment of a conservator.