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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-204. Winding up in voluntary dissolution proceedings

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The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and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 board of directors shall have full power to wind up and settle the affairs of the association in voluntary dissolution proceedings.

(b) Within thirty days after the issuance of an approved certificate of election to dissolve, the association shall give notice of its dissolution:

(1) By mail to each member and creditor, including a statement of the amount shown by the books of the association to be due to such member or creditor, and a demand that any claim for a greater amount be filed with the association before a specified date at least sixty days after the date of notice,

(2) By conspicuous posting at each office of the association, and

(3) By such publication as the department may prescribe.

(c) All claims of members and creditors shall be paid promptly after the date specified in the notice given under subsection (b)(1) of this section.

(d) Assets remaining after the performance of all obligations of the association under subsection (c) of this section shall be distributed to its members according to their respective rights and preferences. Partial distributions to members may be made prior to such time only if, and to the extent, approved by the department.

(e) During the course of dissolution proceedings the association shall make such reports as the department may require and the association shall continue to be subject to the provisions of this act concerning examinations of associations until completion of the dissolution of the association.

(f) If at any time during the course of dissolution proceedings the department finds that the assets of the association will not be sufficient to discharge its obligations, the department may then or at any time thereafter take possession of the business and property of the association and complete the dissolution in accordance with the provisions of the Department of Banking Code.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-204. Winding up in voluntary dissolution proceedings - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-204/

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