7 Pa. Stat. § 1104
Current through Pa Acts 2024-53, 2024-56 through 2024-92
The expense fund required under section 1010(b) of this act shall be created out of the portion of amounts paid for shares of common stock which is in excess of one hundred fifty per cent of the par value of such shares. Such expense fund may be charged for expenses incurred by the institution in connection with its incorporation and operation and any balance in such fund at any time after the expiration of one year from the date of the issuance to the institution of a certificate of authorization to do business may be credited to undivided profits.
7 P.S. § 1104