Pennsylvania Statutes
§ 523 — Actions by shareholders or members to enforce a secondary right
Pennsylvania·Title 15 CORPORATIONS AND UNINCORPORATED ASSOCIATIONS·Part PART II·Ch. 5 CORPORATIONS·Subch. PROVISIONS APPLICABLE TO PARTICULAR
(a)General rule.--A banking institution shall be governed by the provisions of Subchapter F of Chapter 17 (relating to derivative actions).
(b)Security for costs.--(Deleted by amendment).
(c)Definitions.--When applying the provisions of Subchapter F of Chapter 17, the following words and phrases shall have the meanings given to them in this subsection:
"Director."Includes any individual performing the function of director, regardless of title.
"Member."Includes depositors in a mutual banking institution.
"Shares."Includes outstanding contracts or accounts of members in a mutual banking institution.
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Legislative History
(Dec. 19, 1990, P.L.834, No.198, eff. imd.; Nov. 21, 2016, P.L.1328, No.170, eff. 90 days; Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)