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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-15. Savings association holding companies

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

<The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and proceedings commenced prior to said repeal, pursuant to Act 2013-23, § 109.>

(a) The following words and phrases when used in this section shall have, unless the context clearly indicates otherwise, the following meanings:

(1) “Savings association holding company,” any entity:

(i) which directly or indirectly owns, controls or holds with power to vote twenty-five percent or more of the voting shares of one or more savings associations or of a company which is or becomes a savings association holding company; or

(ii) which controls in any manner the selection of a majority of the directors of one or more savings associations or of a majority of the directors of a savings association holding company.

(2) “Entity,” any corporation, partnership, association or similar organization, including banks and thrift institutions.

(3) “Savings association,” an association as defined in section 102(3)  1 of this act.

(4) “Subsidiary,” with respect to a specified holding company, means any company twenty-five percent or more of whose voting shares are directly or indirectly owned, controlled or held by the holding company with the power to vote such shares, or in which the selection of a majority of the directors of the company is controlled by the holding company.

(b) The Secretary of Banking may require any savings association holding company to furnish such reports as the secretary deems appropriate to the proper supervision of such companies. Unless the secretary determines otherwise, reports prepared for Federal authorities may be submitted by the savings association holding company in satisfaction of the requirements of this section. The secretary may make examinations of each savings association holding company and each subsidiary thereof, the cost of which shall be assessed against and paid by such savings association holding company.

(c) The secretary shall have the authority to issue rules, regulations and orders as may be necessary to properly administer this section, including the authority to order a savings association holding company to cease and desist from engaging in any activity which constitutes a serious risk to the financial safety, soundness or stability of the savings association.

1 7 P.S. § 6020-2(3).
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-15. Savings association holding companies - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-15/

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