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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-201. Voluntary dissolution prior to commencement of business

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The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and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) An association which has not transacted any business for which a certificate of authorization is required under this act may propose to dissolve by a vote of two-thirds of the incorporators and by delivering to the department articles of dissolution which shall be signed and acknowledged by a majority of the incorporators and which shall contain:

(1) The name of the association,

(2) The county in which it was to have its place of business,

(3) The date of its incorporation,

(4) A statement that it has not transacted any business for which a certificate of authorization is required under this act,

(5) A statement that all liabilities of the association have been paid or provided for,

(6) A statement that all amounts received on account of the expense fund, less amounts disbursed for expenses, have been returned to the persons entitled thereto,

(7) The number of incorporators entitled to vote on the dissolution and the number of votes for and against dissolution respectively.

(b) The articles of dissolution shall be delivered to the department together with any applicable filing fee. If the department is satisfied that the association has not conducted any business for which a certificate of authorization is required under this act and if it finds that the articles of dissolution satisfy the requirements of this act, it shall deliver them with its written approval to the Department of State which shall file the same on the date received from the department. The department shall notify the association of its action. If the department shall disapprove the articles of dissolution, it shall give written notice to the association of its disapproval and a statement in detail of the reasons for its decision.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-201. Voluntary dissolution prior to commencement of business - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-201/

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