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Supervisory mergers or consolidations by department - 17 Pa. Cons. Stat. § 1106

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     § 1106.  Supervisory mergers or consolidations by department.
        Notwithstanding any other provision of this title, the
     department may require a merger or consolidation of a credit
     union which is insolvent or is in danger of insolvency with any
     other credit union, Federal credit union or out-of-State credit
     union or may authorize a credit union to purchase any of the
     assets of, or assume any of the liabilities and capital of, any
     other credit union, Federal credit union or out-of-State credit
     union if the department is satisfied that:
            (1)  an emergency requiring expeditious action exists
        with respect to such a credit union;
            (2)  other alternatives are not reasonably available; and
            (3)  the public interest would best be served by approval
        of such merger, consolidation, purchase or assumption.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

Last modified: November 27, 2007