Pennsylvania § 1106 Supervisory mergers or consolidations by department

Pennsylvania Statutes

§ 1106 — Supervisory mergers or consolidations by department

Pennsylvania § 1106

Title 17CREDIT UNIONS

Ch. 11CONVERSION, MERGER AND CONSOLIDATION

This text of Pennsylvania § 1106 (Supervisory mergers or consolidations by department) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

17 Pa. Cons. Stat. § 1106 (2026).

Text

Notwithstanding any other provision of this title, the department may require a merger or consolidation of a credit union which is insolvent or is in danger of insolvency with any other credit union, Federal credit union or out-of-State credit union or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities and capital of, any other credit union, Federal credit union or out-of-State credit union if the department is satisfied that:

(1)an emergency requiring expeditious action exists with respect to such a credit union;

(2)other alternatives are not reasonably available; and

(3)the public interest would best be served by approval of such merger, consolidation, purchase or assumption.

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Notwithstanding any other provision of this title, the department may require a merger or consolidation of a credit union which is insolvent or is in danger of insolvency with any other credit union, Federal credit union or out-of-State credit union or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities and capital of, any other credit union, Federal credit union or out-of-State credit union if the department is satisfied that:

(1) an emergency requiring expeditious action exists with respect to such a credit union;

(2) other alternatives are not reasonably available; and

(3) the public interest would best be served by approval of such merger, consolidation, purchase or assumption.