Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-74. Department review of additions of any director or senior executive officer

(a) An insured association or a Pennsylvania thrift institution holding company shall notify the department of the proposed addition of any individual as a senior executive officer of such institution or holding company at least thirty days before such addition or employment becomes effective, if the insured association or the Pennsylvania thrift institution holding company:

(b) An insured association or Pennsylvania thrift institution holding company may not add any individual to the board of directors or employ any individual as a senior executive officer if the department issues a notice of disapproval within thirty days following the receipt of the notice of proposed action pursuant to subsection (a).

(c) The department shall issue a notice of disapproval with respect to a notice submitted pursuant to subsection (a) if the competence, experience, character or integrity of the individual who is the subject of such notice indicates that it would not be in the best interests of the depositors of the insured association or in the best interest of the public to permit the individuals to be employed by or associated with the insured association or a Pennsylvania thrift institution holding company. The notice shall set forth the reason for such disapproval.

(d) The department may issue regulations regarding exceptions to prior notice required in subsection (a). The department shall publish a notice outlining the information required to be included in such notice as required in subsection (a).