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Involuntary dissolution - 17 Pa. Cons. Stat. § 1306

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     § 1306.  Involuntary dissolution.
        (a)  Issuance of certificate of dissolution by department.--
     In the event the department finds, after issuing written notice
     of a hearing and an opportunity to be heard to a credit union,
     that the credit union has not exercised any of its powers or
     opened for business with its proposed members within one year
     after the date of its incorporation or such longer time as the
     department may allow, then the department shall issue under its
     seal a certificate of dissolution reciting the applicable facts
     and stating that articles of incorporation have been forfeited
     by reason of such facts and shall file the certificate of
     dissolution with the Department of State.
        (b)  Effect of certificate of dissolution.--Upon filing of
     the certificate of dissolution in the Department of State, all
     rights of the credit union under its articles of incorporation
     shall cease and its existence shall cease.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 added section 1306.

Last modified: November 27, 2007