Pennsylvania Statutes Title 7 P.S. Banks and Banking § 6207. Organization; minimum capital

A license under the provisions of this act shall be issued only to a corporation organized under the Business Corporation Law of the Commonwealth of Pennsylvania.  1 Such corporation shall be incorporated with a minimum capitalization of seventy-five thousand dollars ($75,000). At the time of applying for a license under this act, the minimum paid in capital shall be seventy-five thousand dollars ($75,000). The minimum capitalization required shall be increased by twenty-five thousand dollars ($25,000) for each additional place of business licensed under this act and no license for such additional place of business shall be granted until the minimum capitalization requirements are met provided, however, in the event that such place of business is to be operated by an affiliate or subsidiary corporation, whether newly organized or otherwise related to the licensee by virtue of common ownership or management the minimum capitalization for such affiliate or subsidiary shall be only twenty-five thousand dollars ($25,000), and the minimum capitalization of the licensee need not be increased. The minimum capitalization shall be maintained as permanent capital which shall not be distributed to stockholders or be purchased by a licensee without the prior written approval of the Secretary of Banking. Corporations holding valid licenses on the effective date of this amendment shall meet the minimum capitalization requirements listed above within two years after the effective date of this amendment.