Pennsylvania § 1106 Supervisory mergers or consolidations by department

Pennsylvania Statutes

§ 1106 — Supervisory mergers or consolidations by department

Pennsylvania·Title 17 CREDIT UNIONS·Ch. 11 CONVERSION, MERGER AND CONSOLIDATION

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.

Pennsylvania § 1106 (Supervisory mergers or consolidations by department) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.