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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-83. Quorum and action by members

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The Savings Association Code of 1967, 7 P.S. §§ 6020-1 to 6020-254, has been repealed by Act 2013, June 24, P.L. 67, No. 23, §§ 1 to 107, effective in one year [June 24, 2014], but remains in full force and effect as to transactions and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 meeting of the members duly called shall not be organized for the transaction of business unless a quorum is present.

(b) Unless otherwise provided in the articles or in a bylaw:

(1) The presence, in person or by proxy, of the members entitled to cast at least a majority of the votes which all members are entitled to cast on a particular matter shall constitute a quorum for the purpose of considering such matter, except as provided in subsection (c) of this section,

(2) At a duly organized meeting, the acts of the members present who are entitled to cast at least a majority of the votes which all members present and entitled to cast shall be the acts of the members, except as otherwise provided in this act,

(3) The members present at a duly organized meeting may continue to do business until adjournment, notwithstanding the withdrawal of enough members to leave less than a quorum,

(4) If a meeting cannot be organized for lack of a quorum, those present may, except as otherwise provided in this act, adjourn the meeting to such time and place as they may determine.

(c) In the case of a meeting for the election of directors which is twice adjourned for lack of a quorum, those present at the second of such adjourned meetings shall constitute a quorum for the election of directors without regard to the other quorum requirements of this section, the articles or the bylaws.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-83. Quorum and action by members - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-83/

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