Skip to main content
Find a Lawyer

Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-22. Prohibition of promoters' fees

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The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and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) A savings association shall not pay any fee, compensation or commission for the promotion or organization of an association or for any part of the money collected from members, except legal fees and other usual and ordinary expenses necessary for its organization. Any incorporator, officer, director or employe paying or receiving any such fee, compensation or commission shall be subject to the penalty provisions of this act.

(b) A majority of the incorporators shall file with the department at the time of the filing of the articles an affidavit:

(1) Setting forth all expenses incurred or to be incurred in connection with the organization of the association. If the association is a permanent reserve fund stock association there shall also be stated any expense in connection with the subscription for its shares and sale of its shares, if any, and

(2) Stating that no fee, compensation or commission prohibited by subsection (a) of this section has been paid or incurred.

(c) In the event of a violation of this section, the department may disapprove the articles on account of such violation.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-22. Prohibition of promoters' fees - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-22/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard