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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-222. Relationship of savings associations and their personnel with officials and employes of the department

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The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and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) Except as provided in subsection (c) of this section a savings association or any director, officer, employe or attorney thereof shall not grant or give to the Secretary of Banking, any official or employe of the department, any deputy or any employe of the Secretary of Banking as receiver, any sum of money or any property as a gift, loan or otherwise, directly or indirectly--subject to the penalty provisions of this act.

(b) Neither the Secretary of Banking, nor any official or employe of the department shall hold any office or position in a savings association nor exercise any right to vote on an association matter by reason of membership in such association--subject to the penalty provisions of this act.

(c) The prohibitions of subsections (a) and (b) of this section shall not apply to either:

(1) A loan subject to the provisions of this act secured by a lien on the home of the Secretary of Banking, an official or employe of the department, or

(2) A savings account with an association except that an examiner assigned to the examination of savings associations shall not have a savings account in any mutual association.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-222. Relationship of savings associations and their personnel with officials and employes of the department - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-222/

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