reglab/statecodes huggingface dataset:
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS › Chapter 95 - Business Trusts › Section 9502 - Creation, status and termination of business trusts

§ 9502. Creation, status and termination of business trusts.
(a) Creation.--
Except as provided in the instrument, the trustee has the power:
(1) To receive title to, hold, buy, sell, exchange, transfer and convey real and personal property for the use of the business trust.
(2) To take, receive, invest or disburse the receipts, earnings, rents, profits or returns from the trust estate.
(3) To carry on and conduct any lawful business designated in the deed or other instrument of trust, and generally to do any lawful act in relation to such trust property that any individual owning the same absolutely might do.
(4) To merge with another business trust or other association, to divide or to engage in any other fundamental or other transaction contemplated by the deed or other instrument of trust.
(b) Term.--
Except as otherwise provided in the instrument, a business trust shall have perpetual existence.
(c) Separate entity.--
A business trust is a separate legal entity. Except as otherwise provided in the instrument, title to real and personal property may be held in the name of the trust, without in any manner diminishing the rights, powers and duties of the trustees as provided in subsection (a).
(d) Termination.--
Except as otherwise provided in the instrument:
(1) The business trust may not be terminated, dissolved or revoked by a beneficial owner or other person.
(2) The death, incapacity, dissolution, termination or bankruptcy of a beneficial owner or a trustee shall not result in the termination, dissolution or revocation of the business trust.
(e) Contents of instrument.--
The instrument may contain any provision for the regulation of the internal affairs of the business trust included in the instrument by the settlor, the trustee or the beneficiaries in accordance with the applicable procedures for the adoption or amendment of the instrument.
(Dec. 19, 1990, P.L.834, No.198, eff. imd.; June 22, 2001, P.L.418, No.34, eff. 60 days; Oct. 22, 2014, P.L.2640, No.172, eff. July 1, 2015)
2014
Amendment.
Act 172 amended subsec. (a) intro. par.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS › Chapter 95 - Business Trusts › Section 9503 - Documentation of trust

§ 9503. Documentation of trust.
(a) General rule.--
A business trust shall not be valid unless created by deed of trust or other written instrument subscribed by one or more individuals, associations or other entities. The trustees of a business trust shall promptly cause the instrument or any amendment thereof, except an amendment solely effecting or reflecting the substitution of or other change in the trustees, to be filed in the Department of State.
(b) Definition of "instrument".--
The term "instrument," as used in this chapter, shall mean the original deed of trust or other written instrument, all amendments thereof and any other statements or certificates permitted or required to be filed in the department by sections 108 (relating to change in location or status of registered office provided by agent) and 138 (relating to statement of correction), Chapter 3 (relating to entity transactions) or this chapter. If an amendment of the instrument or a statement filed under Chapter 3 restates an instrument in its entirety, thenceforth the "instrument" shall not include any prior documents, and any certificate issued by the department with respect thereto shall so state.
(c) Amendment.--
The instrument may be amended in the manner and to the extent provided therein or by the trustee or a majority of the trustees, if not otherwise provided therein. The amendment shall be evidenced by a written instrument subscribed by one or more authorized persons on behalf of the business trust. The instrument of amendment, if required by subsection (a), shall be filed in the department and:
(1) if the original deed of trust or other instrument was filed in the department under subsection (a), shall become effective upon filing or such later date and time, if any, as may be set forth in the instrument of amendment; or
(2) in any other case, shall become effective as set forth in the instrument of amendment.
(d) Duration.--
The instrument creating a business trust shall specify the period of its duration, which may be perpetual. The rule against perpetuities or analogous principles shall not be applicable to a business trust.
(d.1) Bearer certificates prohibited.--
A business trust may not issue a certificate of beneficial interest in bearer form. This subsection may not be varied by the instrument or other documentation of the business trust.
(e) Cross references.--
See sections 134 (relating to docketing statement) and 135 (relating to requirements to be met by filed documents).
(Dec. 19, 1990, P.L.834, No.198, eff. imd.; June 22, 2001, P.L.418, No.34, eff. 60 days; July 9, 2013, P.L.476, No.67, eff. 60 days; Oct. 22, 2014, P.L.2640, No.172, eff. July 1, 2015)
2014 Amendment.
Act 172 amended subsec. (b).
2013 Amendment
.
Act 67 amended subsec. (e) and added subsec. (d.1).
2001 Amendment.
Act 34 amended subsec. (a).
1990 Amendment.
Act 198 amended subsecs. (a), (c) and (d).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS › Chapter 95 - Business Trusts › Section 9504 - Registered office

§ 9504. Registered office.
(a) General rule.--
The instrument shall set forth, subject to section 109 (relating to name of commercial registered office provider in lieu of registered address), the address, including street and number, if any, of the registered office of the business trust in this Commonwealth.
(b) Change.--
The registered office of a business trust may be changed by an amendment of the instrument or by including the change in an annual report under section 146 (relating to annual report).
(c) Alternative procedure.--
A business trust may satisfy the requirements of this chapter concerning the maintenance of a registered office in this Commonwealth by setting forth in any document filed in the department pursuant to any provisions of this title that permits or requires the statement of the address of its then registered office, in lieu of that address, the statement authorized by section 109(a) (relating to name of commercial registered office provider in lieu of registered address).
(d) Effect of statement.--
A statement regarding the registered office of a business trust set forth in a document filed in the department pursuant to this section shall operate as an amendment of the instrument.
(Nov. 3, 2022, P.L.1791, No.122, eff. 60 days)
2022 Amendment.
Act 122 amended subsec. (b) and added subsec. (d).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS › Chapter 95 - Business Trusts › Section 9505 - Trustees

§ 9505. Trustees.
(a) Succession of trustees.--
An instrument may provide for the succession of title to any trust property not titled in the name of the trust to a successor trustee, in case of the death, resignation, removal or incapacity of any trustee. In the case of any such succession, the title to such trust property shall at once vest in the succeeding trustee.
(b) Nature of service.--
Service as the trustee of a business trust by an association that is not a banking institution shall not be deemed to constitute acting as a fiduciary for purposes of the act of November 30, 1965 (P.L.847, No.356), known as the Banking Code of 1965.
(Dec. 19, 1990, P.L.834, No.198, eff. imd.; June 22, 2001, P.L.418, No.34, eff. 60 days)
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS › Chapter 95 - Business Trusts › Section 9507 - Foreign business trusts

§ 9507. Foreign business trusts.
(a) General rule.--
(Deleted by amendment).
(b) Provision applicable to all foreign business trusts.--
Section 9506(c) (relating to certain specifically authorized debt terms) shall be applicable to any obligation, as defined in section 1510 (relating to certain specifically authorized debt terms), of a business trust organized under any laws other than those of this Commonwealth, whether or not required to qualify in this Commonwealth, executed or effected in this Commonwealth or affecting real property situated in this Commonwealth.
(Dec. 19, 1990, P.L.834, No.198, eff. imd.; Dec. 7, 1994, P.L.703, No.106, eff. 60 days; Oct. 22, 2014, P.L.2640, No.172, eff. July 1, 2015)
2014 Amendment.
Act 172 deleted subsec. (a).
Cross References.
Section 9507 is referred to in section 412 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chronological History

Provision Affected
How Affected
By Law, Decision or Rule
Title 16
Title
Added
Nov. 25, 1970, P.L.707, No.230
§ 1101 Part I (Reserved), Part II (Reserved), Part III, Subpart A, Ch. 11 and Subch. A (Reserved)
Added
Nov. 22, 2011, P.L.431, No.106
§ 1121 and Subch. B
Added
Nov. 22, 2011, P.L.431, No.106
§ 1122
Added
Nov. 22, 2011, P.L.431, No.106
§ 1123
Added
Nov. 22, 2011, P.L.431, No.106
§ 1124
Added
Nov. 22, 2011, P.L.431, No.106
§ 1125
Added
Nov. 22, 2011, P.L.431, No.106
§ 1126
Added
Nov. 22, 2011, P.L.431, No.106
§ 1127
Added
Nov. 22, 2011, P.L.431, No.106
§ 1128
Added
Nov. 22, 2011, P.L.431, No.106
§ 1129
Added
Nov. 22, 2011, P.L.431, No.106
§ 1130
Added
Nov. 22, 2011, P.L.431, No.106
§ 1131
Added
Nov. 22, 2011, P.L.431, No.106
§ 1132
Added
Nov. 22, 2011, P.L.431, No.106
§ 1133
Added
Nov. 22, 2011, P.L.431, No.106
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Extra - Title Notes

Special Provisions in Appendix.
See section 3 of Act 106 of 2011 in the appendix to this title for special provisions
            relating to required security.
16c1121s
Enactment.
Unless otherwise noted, the provisions of Title 16 were added November 22, 2011, P.L.431,
            No.106, effective immediately.
Enactment.
Part I (Reserved) was added November 22, 2011, P.L.431, No.106, effective immediately.
Enactment.
Part II (Reserved) was added November 22, 2011, P.L.431, No.106, effective immediately.
Enactment.
Part III was added November 22, 2011, P.L.431, No.106, effective immediately.
Enactment.
Subpart A was added November 22, 2011, P.L.431, No.106, effective immediately.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Extra - Appendix To Title

APPENDIX TO TITLE 16
COUNTIES
Supplementary Provisions of Amendatory Statutes
2011, NOVEMBER 22, P.L.431, NO.106
§ 3. Required security.
A county may, at any time after the effective date of this section, obtain required security in accordance with 16 Pa.C.S. Ch.11 Subch. B. A county shall have in place required security in accordance with 16 Pa.C.S. Ch.11 Subch. B prior to the time that any elected county official takes office after the municipal election next following the effective date of this section. Bonds and insurance which, on the effective date of this section, cover county officers and employees shall remain in force and effect until required security is purchased.
Explanatory Note.
Act 106 added Parts I, II and III of Title 16.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1121 - Short title and scope of subchapter

§ 1121. Short title and scope of subchapter.
(a) Short title of subchapter.--
This subchapter shall be known and may be cited as the County Officer and Employee Fiscal Security Act.
(b) Scope of subchapter.--
This subchapter applies to security coverage and additional coverage in the form of bonds, blanket bond or insurance, protecting against events of loss of money or property as a result of misconduct by officers and employees in counties of the second class, second class A, third class, fourth class, fifth class, sixth class, seventh class or eighth class, including counties of these classes which have adopted a home rule charter or an optional plan.
(c) Inapplicability.--
This subchapter shall not apply to bonds of county treasurers acting as tax collectors as provided in section 4 of the act of May 25, 1945 (P.L.1050, No.394), known as the Local Tax Collection Law.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1123 - Required security

§ 1123. Required security.
(a) In general.--
A county shall obtain security coverage and additional coverage for county officers and employees in accordance with this subchapter.
(b) Security coverage.--
Security coverage shall be provided in accordance with the following:
(1) Section 1124 (relating to official security and officers).
(2) Section 1125 (relating to other county officers and employees).
(3) Section 1126 (relating to county officers and employees acting as agents).
(c) Additional coverage.--
Supplemental to or as part of the security coverage to be provided in accordance with this subchapter, the county shall obtain additional coverage in the form of adequate insurance indemnifying it against the loss of money and property through robbery, burglary and larceny by parties other than those required to obtain security in accordance with this chapter.
(d) Primary liability.--
(1) Except as provided in paragraph (2), the county shall be primarily liable for a claim for the loss of money and property which a county officer or employee is required to receive, account for or hold by virtue of the officer's or employee's office or employment, to the extent that the loss is or could have been the subject of required security under this subchapter.
(2) The county shall not be primarily liable for a claim for the loss of money and property under paragraph (1) to the extent that recovery of the loss can be obtained from other insurance or bond protection provided by the Commonwealth agency or any other person or entity asserting a claim.
(3) With regard to the loss of money or property, nothing in this subchapter shall be deemed to restrict or diminish a county's right to reimbursement or subrogation or to limit any right the county may have to be indemnified or receive restitution for the loss.
Cross References.
Section 1123 is referred to in sections 1127, 1128 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1124 - Official security and officers

§ 1124. Official security and officers.
(a) Official security.--
Each county shall obtain official security in the form of bonds, a blanket bond or a crime-fidelity insurance policy, which is endorsed with faithful performance of duty coverage, that protects the county from losses caused by acts of the officers set forth in subsection (b) or the equivalent officers in home rule or optional plan counties, whether elected, appointed or appointed to fill a vacancy, before those officers begin their official duties.
(b) Officers.--
The following are the officers or equivalent officers in home rule or optional plan counties upon whose behalf official security shall be obtained in accordance with subsection (a):
(1) Each county commissioner.
(2) The chief clerk of the county commissioners.
(3) The controller.
(4) The county treasurer.
(5) The prothonotary of the court of common pleas.
(6) The sheriff.
(7) The coroner.
(8) The clerk of the courts of the court of common pleas.
(9) The clerk of the orphans' court division of the court of common pleas.
(10) The recorder of deeds.
(11) The register of wills.
(12) Probation and parole officers, if required by order of court to obtain official security.
(13) The fire marshal and deputy fire marshals, if required by law to obtain official security.
(14) The secretary of the board of health and the health officer in a county in which the secretary is required by law to obtain official security.
Cross References.
Section 1124 is referred to in sections 1123, 1125, 1127 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1125 - Other county officers and employees

§ 1125. Other county officers and employees.
A county shall obtain security coverage with faithful performance of duty coverage for all county officers and employees who are not subject to section 1124 (relating to official security and officers), including deputies and other appointees in each county office, who are required to receive, account for or hold any money and other property by virtue of their office or employment.
Cross References.
Section 1125 is referred to in section 1123 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1126 - County officers and employees acting as agents

§ 1126. County officers and employees acting as agents.
Each county shall obtain security coverage for county officers and employees acting as agents of a Commonwealth agency or governing authority in accordance with this subchapter or any other law, regulation or rule requiring the posting of security in the form of a bond or otherwise.
Cross References.
Section 1126 is referred to in section 1123 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1127 - Bonds or blanket bond as security coverage

§ 1127. Bonds or blanket bond as security coverage.
(a) In general.--
A county may comply with section 1123(b) (relating to required security) by providing bonds or a blanket bond in accordance with the following:
(1) The bond or blanket bond shall be joint and several, with one or more surety companies authorized to do business in this Commonwealth and licensed by the Insurance Commissioner.
(2) The bond or blanket bond shall be conditioned upon each of the following:
(i) The faithful performance of all duties required of the person holding the office or position.
(ii) The just and faithful use, accounting or payment over, according to law, of all moneys and balances and other property, which are received or held by the officer or employee by virtue of the officer's or employee's office or employment whether on behalf of the county, the Commonwealth, a political subdivision or any other person.
(iii) The delivery to the successor in office of all books, papers, documents or other official things, whole, safe and undefaced, held in right of the office.
(3) A bond or blanket bond shall be taken in the name of the county and, in case of a breach of any of the conditions thereof by the acts or neglect of a principal on the bond, shall be for the use of the county, the Commonwealth, a political subdivision or any other person as that person's interest shall otherwise appear.
(4) The county, the Commonwealth, a political subdivision or other listed obligees or insureds, as the case may be, may sue upon the bond in its name or for its own use. Acts of the General Assembly pertaining to actions and limitations of actions upon official bonds given to the Commonwealth shall apply to the bonds provided for in this subchapter just as if they were given to the Commonwealth, except as otherwise specifically provided in this subchapter.
(b) Combined offices.--
In counties in which one or more of the county offices set forth in section 1124(b) (relating to official security and officers) are combined, if officers are covered by individual bonds, a single bond covering the combined offices shall suffice for the officer holding the combined offices.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1129 - Form of required security

§ 1129. Form of required security.
The form and contents of a bond, a blanket bond or insurance obtained in compliance with this subchapter shall be approved by the governing body of the county, after review by the county solicitor and consultation with the county risk manager, if any. In cases in which required security is being provided for a county officer or employee who is acting as an agent for a Commonwealth agency or the governing authority, the Commonwealth agency or the governing authority may review and comment on the form of the required security. The governing body may refer to sample forms that may be made available by the Department of State in the approval process.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1130 - Amount of coverage

§ 1130. Amount of coverage.
(a) Governing body.--
The governing body shall establish a procedure pursuant to which the governing body shall annually determine the form and amount of required security that will be reasonably sufficient to protect against the risks of loss in compliance with this subchapter.
(b) Risk manager.--
The governing body may appoint a risk manager who, at the request of the governing body, shall compile and submit information relevant to the determination of an amount of required security under subsection (a).
(c) Consultation.--
To determine the amount of security for a county officer or employee who is acting as an agent for a Commonwealth agency or governing authority, the governing body may, or the risk manager shall, if directed by the governing body, provide written notice to the secretary or head of the Commonwealth agency or the governing authority. The Commonwealth agency or governing authority may provide input concerning the amount of security it believes is reasonably sufficient to protect against the risks of loss required to comply with this subchapter. Nothing in this subchapter shall impair the right of a Commonwealth agency or governing authority from approving the amount of required security, if it is explicitly authorized by law to approve the amount of a bond or other security of a county officer or employee acting as its agent.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1132 - Payment of premiums and commissions on collections

§ 1132. Payment of premiums and commissions on collections.
(a) Premiums and costs.--
The premiums and costs for all forms of required security for county officials and employees shall be paid by the county. The requirement of this subchapter that a county acquire and pay the premiums and costs for required security shall not relieve a Commonwealth agency on whose behalf a county officer or employee is acting as an agent from an obligation, imposed by law, to procure insurance or bonding protection.
(b) Commissions on collections.--
Nothing in this subchapter shall affect the right, provided for in any other law, of a county officer or employee to retain a commission, for use of the county, on amounts collected or transmitted as agent for a Commonwealth agency. Notwithstanding the right to retain commissions in accordance with this paragraph, no county officer or employee shall be entitled to retain any additional sums from amounts collected for or to be transmitted to the Commonwealth agency for the purpose of paying premiums or costs related to the acquisition of required security.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 16 - COUNTIES › Chapter 11 - General Provisions › Section 1133 - Other requirements, references and approvals

§ 1133. Other requirements, references and approvals.
(a) Compliance.--
A requirement in another law, regulation or rule that a bond be provided by a county officer or employee to secure the faithful performance of duty or to act as the agent of a Commonwealth agency or governing authority may be satisfied by including this obligation within the coverage of required security supplied in accordance with this subchapter.
(b) Reference to bonds.--
Reference to bonds of county officers and employees in any other law shall be construed and read together with this subchapter, and if a conflict exists between this subchapter and the reference to bonds of county officers and employees in any other law, the provisions of this subchapter shall prevail.
(c) Other approvals.--
Notwithstanding any other provision of law, the following shall apply to required security in the form of a bond, a blanket bond or insurance:
(1) Except as provided in paragraph (2), when required security is obtained in compliance with this subchapter, it shall not require the approval of any Commonwealth agency or the Governor as to form, content or amount.
(2) If any other law explicitly authorizes a Commonwealth agency or the Governor to approve the amount of a bond or other security of a county officer or employee, the amount of required security under this subchapter shall be subject to approval by the Commonwealth agency or the Governor, which approval shall not be unreasonably withheld.
Cross References.
Section 1133 is referred to in section 1131 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 1 - Preliminary Provisions › Section 102 - Application of title

§ 102. Application of title.
This title applies to and the term "credit union" in this title means a cooperative corporation incorporated under any of the following:
(1) The act of May 26, 1933 (P.L.1076, No.260), referred to as the Credit Union Act.
(2) The act of September 20, 1961 (P.L.1548, No.658), known as the Credit Union Act.
(3) This title.
Cross References.
Section 102 is referred to in section 311 of Title 54 (Names).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 1 - Preliminary Provisions › Section 104 - Prohibition on use of words "credit union."

§ 104. Prohibition on use of words "credit union."
(a) General rule.--
Only a credit union subject to this title, a Federal credit union or a corporation organized in accordance with a state credit union statute may assume and use the words "credit union" in its name or title or operate in the manner of a credit union. Only a credit union which has received a low-income designation by the department and the National Credit Union Administration, or a Federal credit union which has received a low-income designation from the National Credit Union Administration, may assume and use the words "community development credit union" or a similar designation in its name or title or operate in the manner of a community development credit union.
(b) Penalties.--
Any person, other than a credit union subject to this title, a Federal credit union, a corporation organized in accordance with a state credit union statute or an association of credit unions, who violates subsection (a) by using a name or title containing the words "credit union" or any other derivation thereof or so representing itself in its advertising, or otherwise conducting business as a credit union shall, for each offense, be subject to a penalty levied by the department which shall be not less than $1,000 nor more than $10,000. The officers of a corporation shall be liable for such penalty if the offense is committed by a corporation. This section shall be enforced by the department.
(c) Civil action.--
Within 30 days after the department has received notice of an alleged violation of this section, the department shall determine whether a violation of this section exists. After the department has made its determination, a credit union, Federal credit union, out-of-State credit union or an association of these institutions may institute a civil action arising out of a violation of this section.
(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)
2002 Amendment.
Act 207 amended the section heading and subsecs. (a) and (b).
Cross References.
Section 104 is referred to in section 202 of Title 15 (Corporations and Unincorporated Associations).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 3 - Incorporation › Section 301 - Purposes

§ 301. Purposes.
(a) General rule.--
A credit union may be incorporated under this title for the purpose of promoting thrift among its members, creating a source of credit for such members at reasonable rates of interest and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition.
(b) Central or corporate credit unions.--
A central or corporate credit union formed primarily to serve other credit unions, including Federal credit unions and out-of-State credit unions, may be incorporated under this title and shall be subject to all provisions of this title not inconsistent with provisions specifically applicable to central or corporate credit unions. The purposes for which a central or corporate credit union may be incorporated are:
(1) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services.
(2) To act as an intermediary for credit union funds between members and other corporate credit unions.
(3) To obtain liquid funds from other credit union organizations, financial intermediaries and other sources.
(4) To foster and promote, in cooperation with other state, regional and national corporate credit unions and credit union organizations or associations, the economic security, growth and development of member credit unions.
Cross References.
Section 301 is referred to in section 103 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 3 - Incorporation › Section 302 - Number and qualifications of incorporators

§ 302. Number and qualifications of incorporators.
(a) General rule.
--A credit union may be incorporated pursuant to the provisions of this title by seven or more incorporators. Such incorporators shall be natural persons of full age, the majority of whom are residents of this Commonwealth and who have a common bond of association as provided in section 701 (relating to membership).
(b) Central or corporate credit unions.
--A central or corporate credit union may be incorporated, pursuant to the provisions of this title, by 15 or more credit unions chartered under the laws of the United States or of any state, which have agreed to purchase shares in the credit union in amounts not less than the minimum specified in the bylaws.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 3 - Incorporation › Section 303 - Articles of incorporation

§ 303. Articles of incorporation.
(a) General rule.--
Articles of incorporation shall be signed by each of the incorporators. The articles of incorporation shall set forth:
(1) The name of the proposed credit union, which shall contain the words "credit union."
(2) The class of services to be performed by the credit union, which services shall be within the scope of activities of such associations as set forth in this title.
(3) The principal place where its business is to be transacted, which shall be within this Commonwealth.
(4) The term for which it is to exist, which may be perpetual.
(5) The par value of its shares.
(6) The names and post office addresses of the incorporators and the number of shares subscribed by each.
(7) The names and residences of each of the first directors, not less than five in number, who shall serve until the first annual meeting of the credit union, and the name and residence of the treasurer.
(8) The common bond of membership.
(9) Any provision, not inconsistent with law, which the incorporators may choose to insert for the regulation of the business and the internal affairs of the credit union.
(b) Maintenance of copies.--
A copy of the original articles of incorporation of the credit union and all amendments thereto shall be maintained by the credit union.
(June 18, 2014, P.L.754, No.62, eff. 60 days)
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 3 - Incorporation › Section 304 - Department consideration of articles

§ 304. Department consideration of articles.
(a) General rule.--
The articles of incorporation and two copies of the proposed bylaws for the general governance of the credit union shall be presented to the department, together with such reasonable fees as shall be established by the department, including an application fee and other fees for such examination and such investigation as it may deem necessary to ascertain:
(1) Whether the character and general fitness of the incorporators, directors and the treasurer named in the articles of incorporation is satisfactory.
(2) Whether the character and number of the group proposed to be served affords reasonable promise of sufficient support for the enterprise so as to make the establishment of the proposed credit union economically advisable.
(3) Whether the incorporators, directors and group proposed to be served have a common bond of association as provided in section 701 (relating to membership).
(4) Whether the proposed credit union unduly encroaches upon the field of membership of any other credit union.
(5) Whether the application is in proper form and within the purpose of this title.
(6) Whether the savings of members paid for shares will be insured by the National Credit Union Administration or other share insurance fund approved by the department. Nonprofit corporations created by specific legislation of any state to insure share accounts or depository accounts of credit unions shall not be subject to regulation by the Department of Insurance or to the laws of this Commonwealth concerning insurance.
Within 60 days after receipt of the articles, the department shall, upon the basis of the facts disclosed by the application and its investigation, either approve or disapprove the articles.
(b) Approval action.--
If the department approves the articles, it shall endorse its approval thereon and forward the articles to the Department of State. The Department of State shall, upon the receipt of the articles and the required filing fee, file the same. Upon the filing of the article of incorporation, the corporate existence of the credit union shall begin. The articles of incorporation as filed in the Department of State are conclusive evidence of the fact that the credit union has been incorporated.
(c) Disapproval action.--
If the department disapproves the articles, it shall return them to the incorporators, stating in detail its reasons for doing so.
(d) Cross reference.--
See 15 Pa.C.S. § 134 (relating to docketing statement).
(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days)
2014
Amendment.
Act 62 amended the section heading.
2002 Amendment.
Act 207 amended subsecs. (a), (b) and (c).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 5 - Corporate Powers, Duties and Safeguards › Section 502 - Powers of central or corporate credit unions

§ 502. Powers of central or corporate credit unions.
(a) General rule.
--A central or corporate credit union shall have the general power to enjoy the powers and privileges of any other credit union incorporated under this title in addition to those powers enumerated in this section, or otherwise granted to corporate or central credit unions, regardless of any limitations or restrictions found elsewhere in this title.
(b) Special powers.
--A central or corporate credit union shall have the following special powers to:
(1) Accept shares or deposits in any form from its members, any credit union chartered under the laws of the United States or of any state, including central or corporate credit unions, and credit union organizations and associations.
(2) Make loans to its members, any credit union chartered under the laws of the United States or of any state, including central or corporate credit unions, and credit union organizations or associations.
(3) Buy and sell any form of marketable debt obligations of domestic or foreign corporations or of Federal, state or local government units.
(4) Borrow from any source without limitations, accept demand deposits from any source and issue notes and debentures.
(5) Acquire or sell the assets and assume the liabilities of a member and to enter into agreements with any credit union organized under the laws of the United States or any state to discount or purchase loans made pursuant to government guaranteed loan programs or real estate loans made by any credit union or any obligations of the United States or any agency thereof held by any credit union.
Cross References.
Section 502 is referred to in section 103 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 5 - Corporate Powers, Duties and Safeguards › Section 505 - Capital and shares

§ 505. Capital and shares.
(a) General rule.
--The capital of a credit union shall consist of the payments that have been made to it on shares.
(b) Automatic lien.
--The credit union shall have an automatic lien on the shares or share certificates of a member for any sum due it from such member or for any loan endorsed by him.
(c) Share transfer restriction.
--Shares of a credit union shall be transferable only to other members of the credit union.
(d) Share insurance required.
--The shares representing the savings of members shall be insured in such amounts as provided by the National Credit Union Administration or other share insurance fund approved by the department to insure the shares of credit unions. A credit union that has not obtained share account insurance from the National Credit Union Administration or other share insurance fund approved by the department may not, without the prior written approval of the department, accept payments from its members for the purchase of shares. (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)
2002 Amendment.
Act 207 amended subsec. (d).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 5 - Corporate Powers, Duties and Safeguards › Section 506 - Joint accounts

§ 506. Joint accounts.
(a) General rule.
--Whenever shares of a credit union shall be issued in the names of two or more persons, the credit union shall not pay any dividends or earnings thereon, or the repurchase value thereof, except upon proper receipt, acquittance or other action, as the case may be, of all of such persons, unless at the time of subscribing to the shares, or at a subsequent time, all the parties agree to a different arrangement, and give the credit union written notice thereof.
(b) Payments to less than all joint owners.
--Whenever any share accounts of a credit union shall be issued in the names of two or more persons, and such share accounts shall have been subscribed for under an arrangement with the credit union whereby the dividends thereon, or the repurchase value thereof, may be paid upon receipt, acquittance or other action, as the case may be, of either or any of such persons, the credit union may pay such dividends or repurchase value upon such receipt, acquittance or other action, as the case may be, of either or any of such persons, pursuant to the arrangement provided for in this section, notwithstanding the fact that one or more of the other persons may be dead and the credit union has notice thereof.
(c) Revocation of agency.
--The co-owner of a joint account may, with consent of the credit union, give said credit union written notice not to honor any or all requests for withdrawal of shares of any other co-owner of the joint account.
(d) Spousal accounts.
--This section, except subsection (c), shall not be construed to affect share accounts in the names of a husband and his wife.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 5 - Corporate Powers, Duties and Safeguards › Section 507 - Minority and trust accounts

§ 507. Minority and trust accounts.
(a) General rule.
--Shares may be issued and payments on subscribed shares received in the name of a minor, or in trust, in such manner as the bylaws may provide.
(b) Transactions with minors.
--Whenever shares of a credit union shall be issued in the name of any minor 12 years of age or older, the credit union may pay the dividends or earnings thereon, as well as the withdrawal value of such shares, to such minor without the assent of his parent or guardian. The receipt, acquittance or other action required by the credit union to be taken by the minor shall be binding upon such minor with like effect as if such minor were of full age and shall be a valid release to the credit union. The parent or guardian of such minor shall not, in his capacity as parent or guardian, have the power to attach or in any manner transfer any shares issued to or in the name of such minor.
(c) Transactions with trustees.
--Whenever shares of a credit union shall be issued to any person describing himself in subscribing for such shares as trustee for any person or persons, and no other notice of the existence and terms of a valid trust than such description shall have been given to the credit union, the dividends or earnings on such shares, as well as the withdrawal value of such shares, shall, in the event of the death of the person so described as trustee, be paid to the person or persons for whose benefit the shares were stated to have been subscribed if, at the time of payment, such beneficiary is 16 years of age or older. Payment may be made to any such beneficiary who is 16 years of age or older, under the same conditions as if such shares had been originally subscribed for by him. If there are two or more beneficiaries named on any such shares, the credit union shall, in the absence of written notice to the contrary, make payment to such of the beneficiaries as may survive the trustee, in equal portions. The receipt or acquittance of any such beneficiary or beneficiaries for payments made in accordance with this section shall be a full, complete and valid release of the credit union from any further liability for the amounts so paid.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 5 - Corporate Powers, Duties and Safeguards › Section 508 - Estate accounts

§ 508. Estate accounts.
(a) General rule.
--In the absence of a written agreement or document to the contrary, the assets in the account of a deceased member shall be considered part of the estate of the deceased member. In the absence of such an agreement or document and except for a release of such assets under existing law, the credit union shall, upon learning of the death of the member, freeze the assets in the account of the member and shall not permit deposits or withdrawals to be made in the account without receiving authorization by a court-recognized representative of the estate for deposits or withdrawals. Until the credit union receives the authorization, it may, if its bylaws so provide, close the account of the deceased member and transfer the funds to unclaimed shares. The payment of the funds of the deceased member to the estate of the deceased member shall release the credit union from liability for the amounts paid.
(b) Establishment of account by personal representative.
--A court-recognized representative of the estate of a deceased member may open an account with the credit union for the deposit and withdrawal of the funds of the estate, whether or not the representative is a member, if the deceased member was in good standing at the time of death. The payment of the funds of the estate to the estate of the deceased member shall release the credit union from liability for the amounts paid. If a court- recognized representative of an estate is a member of the credit union, the representative may open a separate account with the credit union for the deposit and withdrawal of funds of the estate, whether or not the decedent was a member of the credit union. The payment of the funds of the estate to the estate shall release the credit union from liability for the amounts paid.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 5 - Corporate Powers, Duties and Safeguards › Section 509 - Fees and charges

§ 509. Fees and charges.
(a) Entrance fees.--
A credit union may charge an entrance fee of an amount, not in excess of $1, as may be provided by the bylaws.
(b) Fees in connection with loans.--
A credit union may collect fees paid to public officials, actual fees necessary to secure collateral, fees required to be charged by government agencies and reasonable attorney fees. Furthermore, in connection with real estate loans, a credit union may collect charges and fees necessary to sell the loans to any agency or instrumentality of the Federal Government or a corporation which engages in the business of purchasing mortgage loans.
(c) Fees in connection with collectors or outside collection agencies.--
A credit union may collect fees paid to outside collectors or outside collection agencies, provided the aggregate of such collection fees does not exceed 20% of the outstanding loan balance or other share or loan service related amounts owed to the credit union.
(d) Other fees.--
A credit union may additionally:
(1) charge fees for other services to its members, provided that the fees charged will be for the actual cost of the respective services provided by the credit union; and
(2) recoup actual sums expended by the credit union, including use of credit union personnel, incurred in collection of outstanding loan balances or other share or loan service related amounts owed to the credit union.
(e) Late payment charges.--
A credit union may collect late payment charges not in excess of 5% of the principal and interest due on any installment payment of a loan that is more than 15 days delinquent.
(June 18, 2014, P.L.754, No.62, eff. 60 days)
2014 Amendment.
Act 62 amended subsecs. (c) and (d).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 5 - Corporate Powers, Duties and Safeguards › Section 510 - Loan interest

§ 510. Loan interest.
(a) General rule.--
Interest rates on loans made by a credit union to its members shall not exceed the interest rates and finance charges permissible for a Federal credit union as authorized by the Federal Credit Union Act (48 Stat. 1216, 12 U.S.C. § 1751 et seq.) and the rules and regulations of the National Credit Union Administration.
(b) Procedure for increase in rates.--
(Deleted by amendment).
(c) Penalty for overcharge.--
The taking, receiving, reserving or charging interest greater than allowed by this section shall be deemed a forfeiture of the entire interest on the loan, except when such overcharge is the result of a clerical error in computation. In case an interest greater than that which is allowed by this section has been paid, the borrower may, within six months after payment, recover from the credit union the entire amount of interest paid, except when such overcharge is the result of a clerical error in computation in which case only the excess interest paid may be recovered.
(d) Additional powers of certain insured credit unions.--
A credit union insured by a share insurance fund other than the National Credit Union Share Insurance Fund may make any loan authorized by this title, at such interest, finance charge, rate and terms as a credit union insured by the National Credit Union Share Insurance Fund, except that the authority permitted under this subsection shall not apply to the extension of credit for the purchase of goods and services through the issuance and use of credit cards.
(June 18, 2014, P.L.754, No.62, eff. 60 days)
2014 Amendment.
Act 62 amended subsec. (a) and deleted subsec. (b).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 17 - CREDIT UNIONS › Chapter 5 - Corporate Powers, Duties and Safeguards › Section 511 - Power to borrow

§ 511. Power to borrow.
(a) General rule.--
A credit union may borrow from any source a sum not exceeding 50% of its unimpaired capital, regular reserve, contingency reserves and undivided earnings for the purpose of meeting the demand for loans to members or for the purpose of meeting demands for share withdrawals.
(b) Exception.--
A credit union shall not borrow for the purpose of making investments authorized by section 501(b)(7) (relating to powers).
(Dec. 9, 2002, P.L.1572, No.207, eff. 60 days; June 18, 2014, P.L.754, No.62, eff. 60 days)
2014 Amendment.
Act 62 amended subsec. (a).