Pennsylvania § 523 Actions by shareholders or members to enforce a secondary right

Pennsylvania Statutes

§ 523 — Actions by shareholders or members to enforce a secondary right

Pennsylvania § 523

JurisdictionPennsylvania

Title 15CORPORATIONS AND UNINCORPORATED ASSOCIATIONS

PartPART II

Ch. 5CORPORATIONS

Subch.PROVISIONS APPLICABLE TO PARTICULAR

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Bluebook

15 Pa. Cons. Stat. § 523 (2026).

Text

(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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(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.

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)

Nearby Sections

4

§ 521

Pensions and allowances

§ 522

Indemnification of authorized representatives

§ 523

Actions by shareholders or members to enforce a secondary right

§ 524

Renunciation of business opportunities

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Bluebook (online)

Pennsylvania § 523, Counsel Stack Legal Research, https://law.counselstack.com/statute/pa/523.