Pennsylvania Statutes Title 71 P.S. State Government § 733-704. Suspension or continuation of business

The secretary is authorized, upon taking possession of the business and property of an institution as receiver, to continue or to suspend the business for such period as he may deem necessary to enable him to determine whether to surrender such possession to the institution, to authorize a merger or consolidation, to seek bids for the purchase of assets and assumption of liabilities of the institution by any State or Federal institution, to liquidate the affairs of such institution, to organize a new institution or to take such other action authorized by law which is in the best interests of the estate. During such period, he shall take any action he deems necessary to conserve the assets and business, or to protect the best interests of the estate. In addition, the secretary may enter into agreements, conditional or otherwise, for the purchase of assets and assumption of liabilities of the institution and take related actions prior to and in reasonable anticipation of such institution being placed into receivership by the secretary or other banking agency.