7 Pa. Stat. § 1102

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 1102 - Minimum capital

(a) Existing institutions--The minimum capital of an institution in existence on the effective date of this act shall be:

(i) The amount required by subsection (b) of this section, or

(ii) Such lesser amount as the institution had on the effective date of this act but not less than the minimum amount required by law prior to such effective date.

(b) New institutions-- An institution which is incorporated pursuant to this act, or

an institution that becomes subject to this act due to a conversion, shall establish and maintain minimum capital in an amount specified by the department.

7 P.S. § 1102

Amended by P.L. 1336 2012 No. 170, § 38, eff. 12/23/2012.

1965, Nov. 30, P.L. 847, No. 356, § 1102. Amended 1982, April 8, P.L. 262, No. 79, § 13, imd. effective.