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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-202. Voluntary dissolution after 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The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and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 commenced business may elect to dissolve voluntarily upon:

(1) Adoption by the vote required of its members under subsection (b) of this section of a plan of dissolution providing for full payment of its liabilities, and

(2) Approval by the department of the plan of dissolution after application for approval thereof in a manner prescribed by the department.

(b) Adoption of the plan by the members of an association shall require the affirmative vote of the members entitled to cast at least two-thirds of the votes which all members are entitled to cast on the plan at a meeting held upon not less than ten days' notice to all members.

(c) Upon receipt of an application for approval of a plan of dissolution, the department shall conduct such investigation as it may deem necessary to determine whether:

(1) The plan satisfies the requirements of this act,

(2) The plan adequately protects the interest of members and creditors, and

(3) Within sixty days after receipt of the application, the department shall approve or disapprove the application on the basis of its investigation and shall immediately give to the association written notice of its decision, and in the event of disapproval, 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 § 6020-202. Voluntary dissolution after commencement of business - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-202/

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