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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) The board of directors of an association may, except as otherwise provided in its bylaws, fix a date for the determination of the members entitled to receive notice of and to vote at any meeting or to receive any distribution or allotment of rights or a date for any change, conversion or exchange of savings accounts by:
(1) Fixing a record date not more than forty days prior thereto, or
(2) Closing the books of the association against transfers for all or part of such period by giving notice to each member of record at least ten days before the closing of the books.
(b) If no date for determination of members of record is fixed by the bylaws or pursuant to subsection (a) of this section, transferees of voting rights which are transferred on the books of the association within ten days of the date of a meeting of members shall not be entitled to receive notice of, or to vote at, the meeting.
(c) Holders of savings accounts which have been voluntarily or involuntarily withdrawn, or holders of savings accounts who have not assented to or have dissented from a merger or a consolidation, shall be entitled to notice of, and to vote at, any meeting of members, until they shall have been paid in full the amount lawfully due them on account of their savings accounts. The exercise of such right to vote at such a meeting shall not constitute waiver of, nor in any way affect, any rights granted by law to such members by virtue of their savings accounts having become fully paid, or of their withdrawal from the association, either voluntarily or involuntarily, or of their failure to assent to, or their dissent from, a plan of merger or consolidation.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6020-88. Determination of members of record - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-6020-88/
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.
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