Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 1804 - Certificate of election for voluntary dissolution(a) Contents of certificate--Immediately after the adoption and approval of a plan of dissolution under section 1803 of this act or, if the plan provides for continuance of the business of the institution unless an assumption of its liabilities becomes effective, immediately after such assumption becomes effective, the institution shall deliver to the department, together with applicable fees payable to the department, a certificate of election to dissolve which shall be signed by two of its duly authorized officers and which shall contain: (i) The name of the institution,(ii) The location and post office address of its principal place of business,(iii) The name and address of its officers and directors, and(iv) The number of shares entitled to vote on the plan of dissolution and the number of shares voted for and against the plan, respectively, and, if the shares of any class are entitled to vote as a class, the number of shares of such class and the number of shares of all other classes voted for or against the plan, respectively.(b) Filing of certificate--If the Department of Banking has approved the plan of dissolution and if the certificate satisfies the requirements of this act, it shall deliver the certificate with its written approval to the Department of State which, upon payment of applicable fees and charges, shall issue to the institution the approved certificate of election to dissolve and shall make and retain a copy thereof.(c) Effect of certificate--Upon the issuance of an approved certificate of an election to dissolve, the institution shall cease to carry on its business except insofar as may be necessary for the proper winding up thereof but its corporate existence shall continue until issuance of a certificate of dissolution under this act.Amended by P.L. 1336 2012 No. 170, § 54, eff. 12/23/2012.1965, Nov. 30, P.L. 847, No. 356, § 1804.