Pensions and allowances - 15 Pa. Cons. Stat. § 521

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                               SUBCHAPTER C
                   PROVISIONS APPLICABLE TO PARTICULAR
                          TYPES OF CORPORATIONS

     Sec.
     521.  Pensions and allowances.
     522.  Indemnification of authorized representatives.
     523.  Actions by shareholders or members to enforce a
            secondary right.
     § 521.  Pensions and allowances.
        A banking institution or a savings association may grant
     allowances or pensions to officers, directors and employees for
     faithful and long-continued services and, after the death of the
     officer, director or employee either while in the service of the
     corporation or after retirement, pensions or allowances may be
     granted or continued to their dependents. The allowances to
     dependents shall be reasonable in amount and paid only for a
     limited time and, unless part of an employee benefit plan or
     employment contract in effect at the time of retirement or death
     of the officer, director or employee, shall not exceed in total
     the amount of the compensation paid to the officer, director or
     employee during the 12 months preceding retirement or death.
     (Dec. 19, 1990, P.L.834, No.198, eff. imd.)

Last modified: November 27, 2007