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Merger and consolidation authorized - 17 Pa. Cons. Stat. § 1103

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     § 1103.  Merger and consolidation authorized.
        (a)  General rule.--A credit union subject to this title may
     merge or consolidate with other credit unions, with Federal
     credit unions, with out-of-State credit unions or with a
     combination of other credit unions, Federal credit unions and
     out-of-State credit unions to form a credit union, Federal
     credit union or out-of-State credit union.
        (b)  Approvals and conditions.--Before merging or
     consolidating, the credit unions involved must obtain prior
     approval from the department. In the case of a merger or
     consolidation with a Federal credit union, the merger or
     consolidation shall be made pursuant to Federal law in addition
     to the provisions of this title. In the case of a merger or
     consolidation with an out-of-State credit union, the merger or
     consolidation shall be made pursuant to the credit union law of
     the state of incorporation of the out-of-State credit union or,
     if credit unions incorporated in different states are involved,
     pursuant to the credit union laws of the various states of
     incorporation of the out-of-State credit unions in addition to
     the provisions of this title.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended subsec. (b).

Last modified: November 27, 2007