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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-29. Certificate of authorization to do 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The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and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) Until receipt of a certificate of authorization issued by the department an association shall not open savings accounts for its members, incur indebtedness or transact any business except such business as is incident to its organization or to the obtaining of subscriptions. Any officer or director violating this prohibition shall be subject to the penalty provisions of this act.

(b) The department shall issue to the association a certificate of authorization to do business when:

(1) Bona fide applications or promises to open accounts in writing, signed by the prospective account holder, have been received in an amount satisfactory to the department.

(2) There shall have been paid in an expense fund in an amount fixed by the department and subject to such conditions as the department may impose,

(3) The bylaws of the association have been filed with the department,

(4) The association has been organized and is ready to begin the business for which it was incorporated,

(5) All conditions imposed by the department in giving its approval of the proposed association under section 206  1 have been satisfied or provision satisfactory to the department made for meeting them,

(6) The department has received an affidavit signed by at least a majority of the directors of the association to the effect that all the foregoing requirements of this subsection have been satisfied.

1 7 P.S. § 6020-26.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-29. Certificate of authorization to do business - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-29/

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