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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-203. Certificate of election for voluntary dissolution

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The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and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) Immediately after the adoption and approval of a plan of dissolution under section 1202 of this act,  1 the association shall deliver to the department, together with applicable fees payable to the department, a certificate of election to dissolve which shall be signed by two of its duly authorized officers under its seal and which shall contain:

(1) The name of the association,

(2) The county of its principal place of business,

(3) The names and addresses of its officers and directors, and

(4) The number of votes entitled to be cast on the plan of dissolution and the number of votes cast for and against the plan.

(b) If the department has approved the plan of dissolution and if the certificate satisfies the requirements of this act, it shall deliver the certificate with its written approval to the Department of State which, upon payment of applicable fees and charges, shall issue to the association the approved certificate of election to dissolve and shall make and retain a copy thereof.

(c) Upon the issuance of an approved certificate of an election to dissolve, the association shall cease to carry on its business except insofar as may be necessary for the proper winding up thereof but its corporate existence shall continue until issuance of a certificate of dissolution under this act.

1 7 P.S. § 6020-202.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-203. Certificate of election for voluntary dissolution - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-203/

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